Raymond Yeung Tax Consultant * former IRD Assessor

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Profits Tax - Removal expenditure 

Whether removal expenditure is allowable depends on the circumstances leading to the removal as wells as what assets are removed.

If the removal is voluntary for improvement and expansion or in the interest of the business, the removal expenditure will generally regarded as of a capital nature and not allowable. In such circumstances, the part of the expenditure in relation to dismantling, transport and re-erection of plant and machinery, etc. should be treated as qualifying expenditure for depreciation allowance. However, the part of expenditure in relation to trading stock is still of a revenue nature and therefore allowable. 

If the removal is forced by circumstances beyond the control of the taxpayer, for example termination of a lease by the landlord, then the full cost of the removal can be allowable. In that case, not only the transportation cost, but also the dismantling and erecting cost of plant and machinery, are deductible.


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