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Capital allowances on trading premises

The shipping forecast

Key points

  • Furnished holiday let tax reliefs including capital allowances are destined to be abolished from 2025.
  • Where neither the super-deduction nor full expensing are available the AIA remains available on qualifying main and special rate pool plant and machinery.
  • A fixtures claim which is heavily skewed towards the special rate pool items and at only WDA rates will sometimes look poor value.

A business had acquired a property for £1.3m and we obtained a quick and full corporation tax refund of £70 000 on the fixtures value of the building before the time limit for annual investment allowance (AIA) expired.

But the exact same building and claim could have a very different tax cash flow outcome depending on the circumstances of the company and when it purchased the building. Length of the accounting period time limits new or second-hand expenditure and...

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