Key requirements
The vehicles must fall within the private hire category described in the log card and be used in the rental activity. Qualifying expenditure may be deductible and acquisition cost may receive capital allowances. Rental activity losses and capital allowances are generally ring-fenced: they cannot offset unrelated income, but may carry forward against the same rental business subject to the statutory tests. Remaining balances are disregarded when that business ceases. Historical balances for YA 1999 and earlier have a stated exception. A company operating other businesses must maintain separate records so rental income, expenditure and unused balances can be identified rather than pooled indiscriminately.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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