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Is anybody listening?
Key points
- It is hoped this latest consultation process will lead to clearer strategic thinking and long-term reforms.
- Current capital allowances in our complex and convoluted tax legislation give businesses relief on qualifying expenditure on various capital assets.
- Full expensing may be best suited to businesses operating below the ‘main corporation tax rate’ of 25% and/or unincorporated small and medium-sized businesses.
- Longer-lasting reform will provide more stability and clarity for businesses.
The government recently published a consultation (tinyurl.com/hmtprukcas) asking for views from industry on the future of the UK’s policy for capital allowances tax relief following the chancellor’s announcements in the March 2022 Spring Statement. Rishi Sunak stated that the government’s tax plan ‘sets out tax cutting options on business investment and innovation with final decisions to be announced in the autumn Budget’ as a key element of government policy to address the longstanding weakness of UK private...
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