Hire Purchase Overview
With a hire purchase agreement, after all the payments have been made, the business customer becomes owner of the equipmment.
This ownership transfers either automatically or on payment of an option to purchase fee. For tax purposes, the customers is treated as owner of the equipment and so can claim capital allowances.
Capital allowances can be a significant tax incentive for a business to invest in new plant and machinery.
Under a hire purchase agreement the customer is normally responsible for maintenance of the equipment.
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