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Advanced Taxation - Capital Allowance

To access our full videos on advanced taxation and join our live online classes, please chat with us via WhatsApp at 07044576011 Content Outline: 1. Purpose 2. Introduction 3. Definition and Types of Capital Allowances Definition of Capital Allowance Initial Allowance Annual Allowance Investment Allowance Rural Investment Allowance Characteristics of Investment Allowance 4. Balancing Allowance and Balancing Charges Balancing Allowance Balancing Charge 5. Capital Allowance Rates and Restrictions under CITA 6. Qualifying Capital Expenditure 7. Building, Structures, or Works of a Permanent Nature 8. Mines, Oil Wells, or Other Sources of Mineral Deposits of a Wasting Nature 9. Plantations 10. Conditions for Granting Capital Allowances 11. Calculations of Capital Allowance on Assets Acquired on Hire Purchase 12. Capital Allowance on Commencement of Business – Finance Act, 2019 13. Capital Allowance for Existing Businesses Operating Under the Going Concern Assumption 14. Computation of Capital Allowance Where There Is Cessation of Business – Finance Act, 2019 15. Computation of Capital Allowance for Small Companies 16. Carry Back of Capital Allowance 17. Chapter Review 18. Worked Examples Open-Ended Questions Suggested Solutions to Open-Ended Questions Purpose: By the end of this chapter, viewers should be able to: Define Qualifying Capital Expenditure (QCE) and identify what constitutes QCE. Explain various restrictions on capital allowance claims. Understand the conditions for granting capital allowances. Calculate capital allowances at the commencement of a business. Calculate capital allowances for existing businesses operating under the going concern assumption. Compute capital allowances when there is cessation of business. Understand when the carrying backward of capital allowances is applicable. Calculate capital allowances for assets on hire purchase. *Introduction:* The provisions for capital allowances are detailed in the Second Schedule of the CITA, replacing depreciation as a deductible expense for income tax purposes. Depreciation methods vary among taxpayers, leading to inconsistent expense values for similar assets. This variability necessitates capital allowances, providing a standardized approach across taxpayers. Capital allowances include initial, annual, balancing allowances, and investment allowances. Definitions and Types of Capital Allowance: Capital allowances are tax reliefs granted to companies that incur qualifying capital expenditure on property, plant, and equipment used for business. They replace disallowed depreciation for tax purposes. Initial Allowance: Granted in the first year of asset acquisition, covering both new and second-hand assets. It is fully claimed regardless of the number of months in the basis period. For example, an initial allowance of ₦25,000 is claimed for qualifying expenditure of ₦50,000 at a 50% rate. Annual Allowance: Granted annually on the balance of cost after deducting the initial allowance. For example, with a 25% rate, the annual allowance would be ₦6,250 for an asset initially costing ₦50,000 with a ₦25,000 initial allowance. This allowance remains constant each year until the asset is fully relieved, retaining a nominal sum of ₦10 until the asset is disposed of. #icanonlinetutors #citn #ican #capitalallowance #publicsector #ca #allowance #atax #taxation #advancedtax #sourceofincome #ACCA #ACCANigeria #InstituteofCharteredAccountants of Nigeria #Accounting #accountingjobs #professionalexam #capital