plant and machinery


plant and machinery
The equipment required to operate a business. No formal definition is given in the tax legislation. However, from the tax point of view the definition often used is that given in the taxation case Yarmouth v France (1887). This defines plant and machinery as «whatever apparatus is used by a businessman for carrying on his business - not his stock in trade which he buys or makes for resale: but all goods and chattels, fixed or moveable, live or dead, which he keeps for permanent employment in the business». Subsequent cases have been concerned with the distinction between plant actively used in a business, and so qualifying as plant and machinery for capital allowances purposes, and expenditure on items that relate to the setting up of the business, which do not qualify for capital allowances.

Big dictionary of business and management. 2014.

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