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+--- Thread: Capital allowances (/thread-capital-allowances)
Capital allowances - sk6060 - 08-26-2010
Help would be very much appreciated on this. I have a vehicle in my books which has a value b/fwd of £1400. Its worth about £400. I have given it away to my son as i replaced my vehicle. How is this treated?
Second question, My new vehicle was purchased at £14000. In donât want to waste any capital allowances as i only need about a £3000 charge to bring my tax due to zero. Can i and how do i restrict the capital allowances?
Thanks in advance.
PS i studied accountancy at university about 15 years ago but did not go into the field as a career, so i have limited knowledge.
- mirfawad - 08-30-2010
Are you asking trearment as Per Pakistan Tax Law or UK Tax Law?
I don't think there is any concept of capital allowance in Income Tax Ordinance, 2001 i.e Pakistani Law.