Capital Allowances Act 2001 section 83

Meaning of "short-life asset"

Section 83 defines what qualifies as a "short-life asset" for capital allowances purposes.

• A short-life asset is an item of plant or machinery on which qualifying expenditure has been incurred
• The asset must not be excluded from short-life asset treatment by section 84
• The person who incurred the expenditure must make a formal election for the asset to be treated as a short-life asset
• Both conditions must be met for the asset to qualify as a short-life asset