TaxCorporate TaxBudget2011: Short life asset rule ‘a step in the wrong direction’

Budget2011: Short life asset rule 'a step in the wrong direction'

A tax expert has criticised the extension of a business tax break, saying it will require complex record keeping and offer few advantages.

A BUSINESS tax break extension has been criticised for complicating matters at a time when government is supposedly striving for simplification.

The Chartered Institute of Taxation said extending the short life asset rule – which allows companies to claim better allowances on assets they sell or scrap – will mean complex record keeping with few advantages.

Tax policy director John Whiting said “in many cases the benefit of this measure will be of limited value”, warning firms will be forced to keep “additional, more complicated records” for up to eight years.

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