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The latest attempt to clarify statutory renewals allowance issues
KEY POINTS
- Extra-statutory concession B47 was withdrawn from 6 April 2013.
- The uncertainty caused by the omission of an example from HMRC’s new guidance.
- The statutory basis and the 10% of net rents deduction.
- Lack of relief for some items of plant.
- The need to clarify “furnished” and “unfurnished”.
In December 2011 after a series of reviews and informal consultations HMRC announced the withdrawal of extra-statutory concession (ESC) B47 from 6 April 2013.
This concession was originally issued in September 1995 being a reclassification and rewording of statement of practice (SP) A19 (which itself was originally issued as a press release in October 1977).
These ESCs SPs etc dealt with wear and tear allowances that reflected the depreciation of furniture and similar items in let furnished...
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