Rishi Sunak has announced a welcome extension of the Annual Investment Allowance (AIA). The Annual Investment Allowance was due to reduce from £1m to £200k from 1 January 2022. However, the £1m amount has now been extended until 31 March 2023.
In addition, the Freeport sites Humber, Teeside and Thames Freeport will be designed tax sites […]
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The Chancellor, Rishi Sunak’s budget announcement should help turbo-charge capital investments in the UK with new super capital allowances costed at £29bn over the next 4 years. The extension of loss relief carry-back to 3 years is also positive and makes claiming capital allowances a potent tool in reducing corporation tax and triggering repayments of […]
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As part of an ongoing consultation process, HMRC is considering the creation of Freeports across the UK. These Freeports will be located around air, sea and rail ports and will be governed by different customs and tariff status. Local authorities, operators of ports, airports and rail, and businesses will bid to create a designated Freeport, […]
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Both owners and occupiers of office buildings can claim substantial capital allowances but this opportunity is often missed. This can be due to confusion over the capital allowances rules changes or because non-specialist solicitors, accountants and tax advisors do not recognise the full potential of available allowances. Frequently, construction cost information can be unhelpful and […]
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The Chancellor, Rishi Sunak’s ‘get it done’ approach did not really extend to capital allowances. There was a modest lift to Structures and Buildings Allowances.
The capital allowances changes are below:
The Structures and Buildings Allowances was introduced in Finance Act 2019 to encourage the construction of new or renovation of existing non-residential structures and buildings. […]
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What are Capital Allowances?
Capital allowances (CAs) are a form of UK tax relief for businesses that incur qualifying capital expenditure on their commercial properties for use as part of their trade. Qualifying capital expenditure includes but is not limited to plant, machinery and business vehicles, in which the costs of assets may be eligible to […]
Read moreEnterprise Zones were reintroduced in 2012 to encourage economic growth and investment.
Businesses basing themselves on Enterprise Zones can access a number of benefits:
Up to 100% business rate discount worth up to £275,000 per business over a 5 year period
Simplified local authority planning
Government support to ensure that superfast broadband is rolled out throughout the zone, and, […]
Read moreTax Case Summary: Drilling Global Consultant LLP v HMRC [2014]
Release Date: 11 September 2014
Overview
Whether an LLP, whose members are an individual and a limited company is a qualifying person entitled to claim the annual investment allowance (AIA) within the meaning of s38A(3)of CAA2001.
It was held by the First-Tier Tax Tribunal that a mixed LLP, […]
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