Peter Stoddart details the new Structures and Buildings Allowance announced in Budget 2018 and what was learnt from recent consultations with HMRC on the new allowance
Capital allowances (CAs) have enjoyed a number of years of relative consistency without any landmark changes. In Budget 2017, the main change was to make enhanced capital allowances (ECAs) available on vehicle charge points. Now not only will most ECAs be scrapped, a new capital allowance has been announced in one of the more significant changes in the history of the capital allowances regime.
Now more than ever before, there are big opportunities for UK taxpayers to claim more tax savings by carefully considering the CAs available on commercial construction projects. The key is to consider the new capital allowances regime early to ensure opportunities to optimise tax savings are not lost.