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Our client ceased his plant hire business and sold off his machinery. This has given rise to a balancing charge. He has set up a new different business in the same tax year and has invested in new equipment/machinery/vehicles. Can the balancing charge of the old plant hire business be offset against the items bought for the new business? Can a balancing charge on machinery be offset against the cost of motor vehicles purchased

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Asked on 20 January 2020 12:17 pm
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No. The assets are no longer in use in the trade and have not been transferred to the new trade
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Answered on 20 January 2020 7:42 pm