HM Revenue & Customs (“HMRC”) have updated their manuals on long life assets (LLAs) to remind affected taxpayers that the concept of ‘entity’ or ‘entirety’ for the purposes of applying the LLA rules is a question of tax law and not accounting opinion. For example, a capital allowance claim for an underground cable system (including television, telecommunications, or electricity supply systems) will often include the costs of excavating the land and providing ducting that hous
