HMRC is proposing to issue new guidance on Plant and Machinery Allowances for secondhand fixtures. This includes agreement on a value within two years of the transfer. They have issued Revenue and Customs Brief 03/13 and are inviting comment by 15 May on the new guidance and provide the proposed amended text to the following areas of the manuals:
- CA26470 - PMA: Fixtures: Changes in ownership: Introduction and Commencement
- CA26472 - PMA: Fixture: Changes in ownership: Conditions for allowances
- CA26474 - PMA: Fixtures: Changes in ownership: Past Owner
- CA26476 - PMA: Fixtures: Changes in ownership: Pooling requirement
- CA26478 - PMA: Fixtures: Changes in ownership: Fixed value requirement
- CA26480 - PMA: Fixtures: Changes in ownership: Relevant two year period
- CA26482 - PMA; Fixtures: Changes in ownership: Disposal value statements
- CA26486 - PMA: Fixtures: Changes in ownership: Sale of an asset that is no longer a fixture
- CA26484 - PMA: Fixtures: Changes in ownership: Evidence necessary to substantiate a claim
- CA29040 - PMA: Partnerships and successions: Election where predecessor and successor are connected
