Capital Allowances News & Resources
Guidance for Solicitors from The Law Society on Capital Allowances
Guidance from The Law Society released 18th March 2014 says solicitors should advise clients to consult with Capital Allowances Specialists when it comes to commercial property transactions after April 2014. Follow this link for the full practice note guidance. It also contains a link to a revised version of the CPSE1 Form v.3.3.
Capital Allowances rates for 2019/ 2020 onward.
Annual Investment Allowance (AIA)
From 1st January 2019 the AIA will be set at £1,000,000. This will be fixed for two years until December 2020. On 12th November 2020 the Government announced that the £1,000,000 AIA will be extended for a further year from 1st January 2021. Many accounting and tax bodies are now calling on the Government to fix the AIA at £1,000,000 on a more permanent basis.
Writing Down Allowances (WDAs)
Main Pool 18% / Special Rates Pool 6% (previously 8%) from 1st April 2019 for Corporation Tax payers and 6th April 2019 for Income Tax Payers. The Special Rates Pool applies to Integral Features and Long Life Assets.
Furnished Holiday Lets
If you own a furnished holiday let or lets we recommend that you investigate the potential for making a capital allowances claim to maximise any potential for receiving rebates and ongoing tax relief. HMRC have published a Help Sheet on the subject. Click here to read.
Alternatively read a summary of the legislation in our blog here