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In the spotlight
Key points
- The annual investment allowance is increased to £1m until 31 December 2020.
- Recent tribunal cases are a reminder of the importance of understanding the legislation.
- The key provisions are in CAA 2001 s 21 to s 23.
- List C in CAA 2001 s 23 comprises items that should be eligible for a capital allowances deduction.
- The Cheshire Cavity Storage and May cases show the difference between a structure or premises and plant and equipment.
- In May storage was simply a part of the process of conducting the business.
- Clients should be aware of the potential capital allowances available and the essential documents.
Capital allowances are enjoying time in the taxation spotlight with several amendments introduced by FA 2019. From the new structures and buildings allowance (SBA) for the construction costs of non-residential structures and buildings to the reduction in the writing-down allowance for...
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