Taxes Consolidation Act 1997 section 301

Application to professions, employments and offices

Section 301 extends the capital allowances regime for plant and machinery to professions, employments and offices, with certain modifications depending on the category.

• The capital allowances provisions that apply to trades also apply, with necessary modifications, to professions, employments and offices.
• Professions qualify for initial allowances, wear and tear allowances (including free depreciation), and balancing allowances and charges, but not the increased wear and tear allowances for taxis and short-term car hire.
• Employments and offices qualify for wear and tear allowances and balancing allowances and charges, but not initial allowances, free depreciation, or the increased wear and tear allowances for taxis and short-term car hire.
• The taxi and short-term car hire provisions are confined to traders, as these are inherently trading activities.