Shipping: Assets

(asked on 11th June 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions his Department has had with relevant stakeholders on HMRC’s enforcement of classification of long- and short-term assets for commercial maritime vessels.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 16th June 2021

Treasury officials are in regular contact with HMRC colleagues.

HMRC do not classify which assets should be written down at the main or special rate of writing down allowances. Instead, businesses should identify whether an asset they have acquired has a useful economic life (UEL) of more or less than 25 years when new. This UEL test for plant and machinery should be applied on the asset as a whole, rather than individual components, since for tax purposes the asset is depreciated as a single unit.

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