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Relief for new non-residential buildings

18 March 2019
Issue: 4688 / Categories: News

Draft legislation on the new capital allowance for new non-residential structures and buildings has been published for consultation. 

The document includes an introductory note which reiterates the scope and design of this new allowance as set out in the technical note published at Budget 2018. Some aspects of the rules have been amended as a result of the consultation. For instance relief will be available during periods in which a building is not in use. Further when a structure is demolished any unrelieved expenditure may be claimed as a deduction for capital gains purposes.

The draft secondary legislation details the treatment for relieving expenditure at the inception of the new asset and after that. It explains the circumstances in which relief can be provided or transferred including exclusions such as land-related costs or residential use. 

Once in force the legislation will apply to eligible costs incurred on or...

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