TX- MYS

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February 23, 2020 at 9:16 am #562791
jmchen
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Hi guys, I am currently studying Chp 11 Relief for Capital Expenditure. I am so doubtful with this statement: “Balancing charge made on a person in relation to an asset shall not exceed the total of all allowances made to them in relation to that asset.”. Could anyone please explain to me what does it mean? Thanks in advance!
February 25, 2020 at 7:10 pm #563136
martindeo
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It means that the Balancing Charge (reduction of Capital Allowance) cannot be great than the amount previously claimed.
Ex. If you had claimed 1,000, the balancing charged to “pay back” cannot be more than 1,000, it can only be less or equal to 1,000
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