Capital allowance question
Discussion
Sole trader.
I bought a van some years ago and had the full AIA for it in that tax year (2013/14 I think)
Sold that van June 2015 and received £9,000 for it and bought another van for £16,000. (Traded in, same dealer)
Is it correct that that £9k now becomes taxable income (20% = £1800) ?
And should I also receive the full AIA on the new van for the tax year 2015/16?
Thanks
I bought a van some years ago and had the full AIA for it in that tax year (2013/14 I think)
Sold that van June 2015 and received £9,000 for it and bought another van for £16,000. (Traded in, same dealer)
Is it correct that that £9k now becomes taxable income (20% = £1800) ?
And should I also receive the full AIA on the new van for the tax year 2015/16?
Thanks
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