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Depreciation ? New Terminology |
Recent rewrites of tax legislation have changed the names used for tax claims previously known as depreciation. |
The depreciation provisions were abolished and a uniform capital allowances division introduced. Examples of the new terms are:-
Old Terminology
| New Terminology)
| Depreciation
| ?decline in value? (40-25)
Cost
| ?first element and second element of Cost? (40-180(1)(b) and 40-90(1))
Change in ownership
| ?balancing adjustment event? (40-295)
Income producing use
| ?taxable purposes? (40-25(7))
Luxury car limit
| ?car limit? (40-230)
Own
| ?hold? (40-40)
Plant
| ?depreciating asset? (40-30)
Sale proceeds
| ?termination value? (40-300)
Written down value
| ?adjustable value? (40-85)
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The numbers in brackets are the section references for the technically minded.
7th-May-2004 |
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