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Sudden impact
KEY POINTS
- A new category of structures and buildings allowances reverses to some extent the abolition of industrial building allowances.
- Potentially the allowances will be spread over 50 years leading to onerous record-keeping.
- Punitive anti-avoidance measures are promised if contracts are withdrawn revoked or replaced by a later one.
- The complexity of lease transactions and potential for abuse has led to two new tests.
- The annual investment allowance limit will rise to £1m for two years from 1 January 2019.
- Generally writing down allowances for the special rate pool will reduce from 8% to 6% from April 2019.
- Enhanced capital allowances will cease from April 2020.
Chancellor of the Exchequer Philip Hammond – ‘Fiscal Phil’ to some –...
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