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Capital Allowances

  • 13-08-2008 12:51pm
    #1
    Delber
    Registered Users, Registered Users 2 Posts: 29 ✭


    If an asset exists but there is no way of verifying its cost can capital allowances be claimed, if and when a valid value is ascertained.


Comments

  • #2
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    Did the person/company buy the asset? How long ago?

    From the initial details I'm finding it very hard to envisage a scenario in which the answer would be yes.


  • #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Are we talking sole trader or company?

    Surely, if it's of any value at all, the asset cost would have had to be verified at some point, for accounts purposes


  • #4
    Mark_Mc
    Closed Accounts Posts: 2 ✭Mark_Mc


    Hi,

    Was there expenditure actually incurred by the person looking to claim capital allowances?

    One of the key requirements of qualifying for Capital Allowances is that expenditure must be incurred, i.e. if you claim allowances on a value provided by say an auctioneer but you can't prove that actually spent money equal to the value then you would probably have difficulty in the event of a Revenue audit.
    Delber wrote: »
    If an asset exists but there is no way of verifying its cost can capital allowances be claimed, if and when a valid value is ascertained.


  • #5
    emmetfahy
    Registered Users, Registered Users 2 Posts: 80 ✭✭emmetfahy


    Hello everyone,
    I bought a house in 2003 adn lived in it until end of 2008. I've since moved out and am renting it out. Can I claim any of the furnature that was in the house under the capital allowances system? i.e. I moved out and left most of the furnature (couch, beds etc there).
    Also, I heard that all you have to do is use the contents insurance figure as the one to calculate the deductions. Is this the case?


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