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Construction expenses
Key points
- The structures and buildings allowance applies to new contracts from 29 October.
- Residential buildings do not qualify.
- For the claim it is necessary to calculate expenditure that is excluded.
- The claimant must satisfy an allowance statement.
The structures and buildings allowance (SBA) was introduced in the autumn 2018 Budget after a recommendation by the Office for Tax Simplification in its report Accounting depreciation or capital allowance (tinyurl.com/otsadcajune). On 18 June HMRC published its response (tinyurl.com/hmrcsbarespjun) to the consultation and revised legislation further to the draft legislation published in March (tinyurl.com/draftsbamar) for the SBA (CAA 2001 s 270AA to s 270IL). A new s 270AA(4) has been added to the effect that if a building or structure is demolished the person ceases to be entitled to the SBA.
The new tax relief is aimed at relieving the capital expenditure on...
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