Category Archives: Capital Allowances

In his Budget speech on 29 October the Chancellor of the Exchequer, Philip Hammond, announced significant changes to the UK’s capital allowance regime.  Briefly, these changes were: The introduction of a new Structures and Buildings Allowance giving tax relief for the cost of non-residential structures and buildings; The reduction of the “special” rate of capital … Continue reading Budget 2018 – Capital Allowances

The International Accounting Standards Board’s new international accounting standard on leases, IFRS 16 Leases (“IFRS 16”), will shortly be coming into force in respect of periods of account beginning on or after 1 January 2019. For lessees, the new standard has important implications, bringing most leases on-balance sheet, while eliminating the dichotomy between finance leases … Continue reading UK Tax Changes in Response to New Lease Accounting Standard (IFRS 16 Leases)

Businesses are already able to claim 100% allowances on most expenditure on plant and machinery up to an annual allowance of £50,000. From 1 April 2010 this limit will be doubled to £100,000. Groups of companies share a single allowance between them and this rule remains, as do restrictions on companies and qualifying activities under common … Continue reading Annual investment allowance