In a recent decision, the Tax Appeal Tribunal ("Tribunal") held that no capital allowance claw-back (balancing charge) should be computed on the disposal proceed relating to intangible assets on which no capital allowance had been previously claimed.

The Tribunal also held that Petroleum Investment Allowance ("PIA") should not be considered as part of allowances in computing the 'residue' for balancing charge. However, any applicable balancing charge is liable to education tax.

See our alert below for details.

Download PwC Tax Alert_TAT rules on tax on oil asset disposal

You can also download our Tax Calendar for the month below.

Download Tax Calendar_March 2015

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.