All posts with the topic: Capital Allowances

Today saw the first budget for some years which did not feature a new cut in the corporation tax rate.  Instead, the previous cuts (to 21% for the year beginning 1 April 2014 and to 20% for the year beginning 1 April 2015) were reaffirmed and so it seems clear that the government intends to … Continue reading Corporation tax rates and capital allowances

HMRC have signalled their intention to introduce in FB13 two new TAARs to counter loss-buying, as well as to tighten up the existing rules on capital allowances-buying and loss relief. These changes are to take effect from today (20 March 2013).  As with all anti-avoidance rules, taxpayers will be concerned to establish whether their legitimate … Continue reading New loss relief rules take effect from today

The Autumn Statement 2012 contained a number of announcements of interest to individuals and small and medium-sized enterprises, but there was comparatively little of relevance to large companies and banks.    The main eye-catching announcement to affect corporates is the further 1% cut to the headline rate of corporation tax – the rate will reduce from 24% for the current year, to 23% from 1 April … Continue reading Corporation tax rate cut again, but pressure on corporate tax avoidance will only increase

Significant changes to corporation tax rates are proposed, the main rate is to be reduced from 28%  to 24% by 1 April 2014 by way of annual 1% reductions. Oil profits (ring fence) remain at 30%. The main rate applies to profits above the upper limit of £1.5 million. Companies subject to the small companies rate are to … Continue reading Corporation tax – lower rates to come

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

The Chancellor announced: £400 million additional support for offshore wind projects. doubling the funding commitment to support four Carbon Capture and Storage demonstration projects, enabling £14 billion of investment; ensure the UK is ready to face the challenges of the transition to a low carbon economy by creating Infrastructure UK; £140 million of additional venture … Continue reading Green Taxes