Tax - Capital allowance depreciation period

jowkon

Can you advice me where can I find number of years for different goods depreciation regulation.

I found only PC examples and it is for 8 years.

Is this the same for camera and lens for photographer?
Even when shutter count (milage) and technology drive as to replace it after 2 years.

Is there any legislation or where to find it?

Thank you

namenotavailablE

Most capital assets are granted capital allowances at a straight-line rate of 12.5% (i.e. 8 year deemed life). There are separate rules for industrial buildings, taxis and certain energy efficient equipment.

When an asset is sold, a final calculation is made to calculate the 'balancing allowance' or 'balancing charge' (essentially an additional tax allowance or taxable gain). This ensure that the business is granted capital allowances for the net cost of the asset- this would cover the scenario you describe where the asset is fully used up after 2 years.

jowkon

Thank you @namenotavailabl
So I can assume that everything is for 8 years for me. Thats OK even I dont have anything survived that long.
What if something is actually used too death or broken after 2 years and it cant be sold or is not worth to even bother to sell?

namenotavailablE

If the item is scrapped, you still do the same calculation but the sales proceeds value will be zero. The result is a 'balancing allowance' which is basically like an extra capital allowance.

jowkon

so practically easier is keep it in the attic till 8 years pass and skip it then . In terms of paper work.
Thanks
BTW Revenue has not consider shorter life for electronics and similar items...