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Regeneration
Key points
- The business premises renovation allowance provided a 100% tax allowance for converting or renovating unused qualifying business premises.
- The relief was abolished in March 2017 for corporation tax and April 2017 for income tax.
- In 2013-14 HMRC changed its approach to claims and began to routinely disallow expenditure.
- FA 2014 meant that investors had to make accelerated payments in the event of an HMRC enquiry.
- Compliance with enquiry periods.
- HMRC must combat tackle tax evasion and aggressive avoidance but has the balance between this and fair treatment tipped too far in favour of HMRC?
In or about 2000 the government started to consider how to encourage private investment in depressed areas of the UK with the aim of encouraging regeneration and growth. A regulatory impact assessment in 2005 (tinyurl.com/yeaxs5sw) reported an objective:
‘To increase private investment enterprise and employment in the UK’s...
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