Tax rates, allowances and reliefs
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Capital allowances
Access expert commentary and practical guidance from ICAEW on capital allowances within the UK tax regime
Need to know
In this section
Features and articles
Exploring structures and buildings allowances
Bryan Crawford, founder and director of Furasta Consulting, considers the actions that taxpayers and their advisers should be taking when it comes to structures and buildings allowances. Among other things, he goes into detail about qualifying expenditure, qualifying use and allowance statements.
The Business Case for Onsite Renewable Energy Generation
Chris Trigg highlights the latest electricity and gas price rises, the impact on business and a strategy to reduce demand for grid supplied energy to help manage and avoid these rising costs.
Spring Statement 2019
Jane Moore rounds up the tax items from the Spring Statement 2019, including Making Tax Digital, structures and buildings allowance, tax avoidance and evasion, national minimum wage, apprenticeship levy and forthcoming papers over the rest of the year.
Tax treatment of low emission vehicles
Rebecca Cave explains the tax treatment of low emission vehicles. She details capital allowances, benefits-in-kind, the encouragement of hybrids, OpRA, leased cars, electric vans and the cost of charging – as well as the potential of free charging at work.
Another ‘plant’ case, another taxpayer victory
Ray Chidell and Jake Iles of Six Forward Capital Allowances look at the implications of the 2019 May v HMRC case on capital allowances, including a look at broader considerations around the definition of ‘plant’.
The impact of capital allowances rules
Anita Monteith considers the effects of the capital allowances rules. She covers topics including the Budget 2018 proposals, new structures and buildings allowance, reduced rate of special writing-down allowance and the annual investment allowance.
Rural view: Take care over new allowances at tax time
A temporary higher annual investment allowance is available from 2019. Good news for any farmers investing in new equipment.
New capital allowances rules
Steven Bone explores the unexpected tax relief for buildings unveiled in the 2018 budget.
Webinars and recordings
Business tax update
The latest key tax rules and reliefs affecting business.
Capital allowances
This webinar provides illustrative examples and practical tips on how to maximise capital allowances and take advantage of the reliefs available.
TAXtalk February 2019
This month, the tax team's discussion on topical tax issues focused on off-payroll working (IR35), the business rates challenge, including a consultation into their relevance to holiday homes, and the future of trusts.
Markel Tax FAQs
Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.
Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
Chattels and wasting assets
Explains the nature of chattels and wasting assets as defined by the Taxation of Chargeable Gains Act 1992. Shows where capital allowances are available using a reference table and a worked example.
Trading income
Explains how corporation tax applies to trading income and the ways in which it differs from income taxation. Covers the annual investment allowance, first-year tax credits and capital allowances for plant and machinery.
Capital allowances on plant and machinery
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
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Representations
ICAEW REP 46/19 - Capital allowances for structures and buildings
A response dated 24 April 2019 to a consultation published by HMRC on 13 March 2019.
ICAEW REP 21/19 - Capital allowances for structures and buildings
A response dated 4 February 2019 to a consultation published by HMRC on 29 October 2018.
ICAEW Rep 137/18
ICAEW responds to the business lifecycle review call for evidence published by the Office of Tax Simplification in October 2018.
ICAEW Rep 133/18
Letter to Rt Hon Mel Stride - Temporary increase of annual investment allowance
Further support
Useful links
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
What capital allowances can I claim?
Summary from the Low Incomes Tax Reform Group which explains what capital allowances are and how to claim them.
Capital Allowances Manual: Research and development allowance (RDA)
HMRC internal manual providing guidance on the meaning of research and development, qualifying expenditure, allowances and charges, disposal events and disposal values, demolition costs, and additional VAT.
Business tax: Capital allowances
Extensive collection of HMRC guidance on claiming and working out your capital allowances.
Capital Allowances Manual
Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.
Capital allowances training
A series of short online presentations on capital allowances presented by Ray Chidell, a renowned author on the topic. The talks cover a whole spectrum of capital allowances issues, from fixtures and integral features to the definition of plant and the claiming of allowances, using examples to demonstrate how the rules work out in practice.
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