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Capital allowances are available to a trader who incurs expenditure on the acquisition of machinery or plant for the purposes of the trade. The phrase
Capital allowances are available to a trader who incurs expenditure on the acquisition of machinery or plant for the purposes of the trade. The phrase machinery or plant is not however defined in the legislation.
Discuss the meaning of plant (drawing from case law in this area) and outline what allowances are available to a person carrying on a trade in respect of the expenditure incurred on machinery and plant used for the purposes of their trade.
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