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Accelerate deductions by claiming first-year allowances for technology that saves water or energy
KEY POINTS
- First-year allowances can help with timing of tax relief.
- Assets must be unused and not second-hand to qualify.
- Official technology lists should be checked.
- Practical details required for claims.
Capital allowances can be complex but in reality most issues boil down to two questions. Does the expenditure qualify for allowances? If so how quickly will the associated tax relief be given?
For plant and machinery allowances the question of what qualifies has remained relatively stable over the years. With the notable exception of the 2008 rules for “integral features” the recent changes to the types of asset that qualify for plant and machinery allowances have been relatively minor.
By contrast there seems to be an obsession with the rates at which such allowances can be given. The...
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