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1332262

	registered interest
	date	11/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Shipping: Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with relevant stakeholders on changing the classification of long-term assets in the maritime sector.
	tabling member constituency	Argyll and Bute
	tabling member printed	Brendan O'Hara
	uin	14164
	answer	answer is ministerial correction date of answer 16/06/2021 answer text <p>Treasury officials are in regular contact with HMRC colleagues.</p><p> </p><p>HMRC do not classify which assets should be written down at the main or special rate of writing down allowances. Instead, businesses should identify whether an asset they have acquired has a useful economic life (UEL) of more or less than 25 years when new. This UEL test for plant and machinery should be applied on the asset as a whole, rather than individual components, since for tax purposes the asset is depreciated as a single unit.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 14166 question first answered 16/06/2021 14:40:25 answering member 3991 label Biography information for Jesse Norman
	tabling member	4371 label Biography information for Brendan O'Hara

1332263

	registered interest
	date	11/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Shipping: Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with relevant stakeholders on HMRC’s enforcement of classification of long- and short-term assets for commercial maritime vessels.
	tabling member constituency	Argyll and Bute
	tabling member printed	Brendan O'Hara
	uin	14165
	answer	answer is ministerial correction date of answer 16/06/2021 answer text <p>Treasury officials are in regular contact with HMRC colleagues.</p><p> </p><p>HMRC do not classify which assets should be written down at the main or special rate of writing down allowances. Instead, businesses should identify whether an asset they have acquired has a useful economic life (UEL) of more or less than 25 years when new. This UEL test for plant and machinery should be applied on the asset as a whole, rather than individual components, since for tax purposes the asset is depreciated as a single unit.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 16/06/2021 14:41:58 answering member 3991 label Biography information for Jesse Norman
	tabling member	4371 label Biography information for Brendan O'Hara

1332264

	registered interest
	date	11/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Shipping: Capital Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with HMRC on the classification of long- and short-term vessels under the Capital Allowance scheme for commercial maritime vessels.
	tabling member constituency	Argyll and Bute
	tabling member printed	Brendan O'Hara
	uin	14166
	answer	answer is ministerial correction date of answer 16/06/2021 answer text <p>Treasury officials are in regular contact with HMRC colleagues.</p><p> </p><p>HMRC do not classify which assets should be written down at the main or special rate of writing down allowances. Instead, businesses should identify whether an asset they have acquired has a useful economic life (UEL) of more or less than 25 years when new. This UEL test for plant and machinery should be applied on the asset as a whole, rather than individual components, since for tax purposes the asset is depreciated as a single unit.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 14164 question first answered 16/06/2021 14:40:25 answering member 3991 label Biography information for Jesse Norman
	tabling member	4371 label Biography information for Brendan O'Hara