Capital allowance question

Capital allowance question

Author
Discussion

Jesus

Original Poster:

14,673 posts

188 months

Thursday 12th January 2017
quotequote all
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

Eric Mc

121,779 posts

264 months

Thursday 12th January 2017
quotequote all
Yes and yes.

Jesus

Original Poster:

14,673 posts

188 months

Thursday 12th January 2017
quotequote all
Thanks