Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.

Competitive tax rates and incentives can encourage investment, but applying this is not quite as simple as it might first seem.

Chancellor Kwasi Kwarteng confirms that the corporate tax rate increase in April 2023 will be cancelled and that the temporary £1m annual investment allowance limit will become permanent.

The government announced that it will introduce investment zones across the UK as part of its plan for growth. Investment zones will benefit from tax incentives, planning liberalisation and wider support for the local economy.

The Chancellor took some big swings when it came to tax in his mini-Budget.

Paul Vohmann and Richard Jones set out ideas for incentivising capital investment.

In its response to HM Treasury’s policy paper on options for reforming plant and machinery allowances, ICAEW’s Tax Faculty sets out ideas to make the regime more targeted and to help the government meet its other policy objectives.

In this episode of the Insights podcast we analyse the latest news from the world of accountancy, business and finance.

Brought to you by the Tax Faculty, this webinar covers the capital allowances landscape following the provisions in the 2021 Finance Act.

Comment submitted on 29 June 2022 to a paper published by HM Treasury on 9 May 2022.

Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW in its response to HMRC's consultation on aligning basis periods with the tax year. ICAEW has urged the government not to implement to proposals.

Briefing submitted to MPs on 12 April 2021 on Finance (No.2) Bill 2019-21 published by government on 11 March 2021 on clause 9 which relates to super-deductions and other temporary first year allowances.

A response dated 13 April 2021 to a consultation published by TSC on 1 March 2021.

Information on how to claim relief for qualifying expenditure for plant and machinery, how much businesses can claim, and withdrawal of relief. Includes examples with calculations.

Information on requirements for claiming enhanced structures and buildings allowance relief, how to apportion the relief, and how much businesses can claim. Includes examples with calculations.

Measure introduced in Budget 2021 offering an enhanced 10% rate of Structures and Buildings Allowance for constructing or renovating non-residential structures and buildings within Freeport tax sites in Great Britain, once they have been designated.

Summary from the Low Incomes Tax Reform Group which explains what capital allowances are and how to claim them.

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.

Extensive collection of HMRC guidance on claiming and working out your capital allowances.

Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.

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.