Definition New Asset

What is a considered a new asset for the purposes of the Temporary Investment Allowance?

For the purposes of the Government Temporary Investment Allowance, "new" means that the asset must not have been used before.

The Temporary Investment Allowance only applies to new, tangible, depreciating assets and new expenditure on existing assets. The tax break is not available for the purchase of second-hand, or used, assets.

Please note: The Temporary Investment Allowance is no longer available for asset purchases made after 31 December 2009. This information is provided for reference purposes only.