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Energy-saving investments
Five new technologies are being added to the existing eight classes of energy-saving technologies that can qualify for 100 per cent first-year allowances under the Enhanced Capital Allowances scheme. A new Energy Technology List of qualifying technologies and products was published on 15 July 2002. The new technologies now included are:
* heat pumps for space heating;
* radiant and warm air heaters;
* solar thermal systems;
Energy-saving investments
Five new technologies are being added to the existing eight classes of energy-saving technologies that can qualify for 100 per cent first-year allowances under the Enhanced Capital Allowances scheme. A new Energy Technology List of qualifying technologies and products was published on 15 July 2002. The new technologies now included are:
* heat pumps for space heating;
* radiant and warm air heaters;
* solar thermal systems;
* compressed air equipment; and
* refrigeration display cabinets and compressors.
In addition, the existing technology class for boilers has been expanded to include efficient oil-fired condensing boilers.
An order to give statutory force to the new Energy Technology List was laid by the Treasury on 15 July 2002 and will take effect from 5 August 2002. Spending incurred from that date on the new technologies and products can qualify for the enhanced 100 per cent first-year allowances.
Details of the qualifying technologies and products are available on the Internet at www.eca.gov.uk. Advice can be obtained from the Environment and Energy Helpline (0800 585794).
(Source: Inland Revenue news release dated 15 July 2002.)
Small estates
An extended category of smaller estates and settlements will no longer have to file accounts with the Inland Revenue under new regulations laid on 8 July 2002. The three new sets of regulations are:
The Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2002 (SI 2002 No 1733);
The Inheritance Tax (Delivery of Accounts) (Excepted Settlements) Regulations 2002 (SI 2002 No 1732);
The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2002 (SI 2002 No 1731).
In essence, the new regulations will:
* extend for the first time to estates including a trust interest, to lifetime gifts of a house and contents and to small estates of people not domiciled in the United Kingdom;
* raise the monetary limits, for example from £210,000 to £220,000 for the maximum overall size of an excepted estate;
* consolidate the separate regulations for England and Wales, Scotland and Northern Ireland into one set for all estates;
* excuse discretionary trusts from delivering accounts if they meet tests of size and complexity; and
* update the regulations for lifetime transfers.
The changes made by these regulations have effect from 1 August in relation to deaths or other chargeable events on or after 6 April 2002. Copies are available from the Stationery Office and on www.inlandrevenue.gov.uk.
(Source: Inland Revenue news release dated 8 July 2002.)
Retail Prices Index
The retail prices index figure for June 2002 remained at 176.2, unchanged from May.
