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May 15, 2026

Article 93 specifies that depreciation for an asset pool is only allowed if the business is still operational and at least one asset remains in the pool at the end of the accounting period. If the business ceases or all assets in a pool are gone, different 'balancing' rules apply (per Article 94). Additionally, if the accounting period is not exactly one year or if the business was only carried on for part of the period, the depreciation amount for the pool must be proportionately increased or reduced. This ensures the tax relief accurately matches the period of asset utilization.

Part 3 - Chargeability to Tax

Chapter 3 - Depreciation of Capital Assets

Section 4 - Rules for Deduction of Depreciation on Machinery and Plant

Article 93

[GTL Notes: Pooled Machinery and Plant Assets - Conditions]

Depreciation shall be allowed in respect of a pool for any accounting period, if that accounting period is not the period in which the business has ceased, or is not the accounting period at the end of which none of the assets in that pool is remaining.

The amount of the depreciation shall be proportionately increased or reduced if the accounting period is more or less than a year, or the business has been carried on for only part of the accounting period.