ICANTaxationCapital Allowances2024

Capital allowances are granted only where the asset is:

AOwned by the taxpayer and in use for the purposes of the trade at the end of the basis periodCORRECT
BPurchased in the current year
CFully paid for in cash
DRegistered in the name of a director
AI
Toaster Teacher
Why the answer is A, and why the others tempt you.
The claimant must own the qualifying capital expenditure and the asset must be in use for the trade at the end of the basis period. Assets held but not yet brought into use do not attract allowances.
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