Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Depreciation allowance - plant and machinery - the old system

Under this system, depreciation allowances are separately computed for each and every asset.  

An initial allowance of 60% is granted on the capital expenditure incurred. 

Annual allowance at the proscribed rate under IRR2 is granted on the reducing value of the asset if such asset is owned and used at the end of the basis period. The computation is like the Reducing Balance Method of depreciation in accounting. 

Balancing adjustments, in the form of balancing charge or allowance, will arise when the asset is sold, destroyed or put out of use. But if the asset is put to use for other purpose than for the trade, no balancing adjustment will be made. Balancing charge is the excess of the disposal proceeds over the reducing value; whereas balancing allowance is the excess of the reducing value over the disposal proceeds. Of course, to avoid a tax on capital gain, the balancing charge is restricted to the total allowances granted. In essence, the balancing adjustment is to adjust the total allowances to the net cost of the asset (that is the purchase cost less the disposal proceeds) throughout the life of the asset. 

This method is still applicable in the following situations:

Press the above underlined topics to see how depreciation allowances are computed.


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