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Additional depreciation

Many systems allow an additional deduction for a portion of the cost of depreciable assets acquired in the current tax year. The UK system provides a first-year capital allowance of £50,000. In the United States, two such deductions are available. A deduction for the full cost of depreciable tangible personal property is allowed up to $500,000 through 2013. This deduction is fully phased out for businesses acquiring over $2,000,000 of such property during the year. In addition, additional first year depreciation of 50% of the cost of most other depreciable tangible personal property is allowed as a deduction. Some other systems have similar first year or accelerated allowances.