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.

Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”

In his Spring Statement, the Chancellor Rishi Sunak announced a review of the capital allowances system in advance of the Autumn Budget. Several potential options for reform are being considered and will be discussed with businesses and other interested parties.

In light of a possible announcement on tax relief for business investment at the Spring Statement on Wednesday, 23 March, ICAEW’s Tax Faculty looks at the current incentives and when they are due to expire.

Highlights from the broader tax news for the week ending 16 March 2022, including: guidance for businesses who continued to use the Lennartz mechanism; and a warning from HMRC about sharing personal information.

Highlights from the broader tax news for the week ending 9 March 2022, including: HMRC guidance on new power; HMRC payments; refunds of VAT wrongly charged; freeport tax site designation; QAHC guidance; new VAT regulations; HMRC webinars; guidance for employers paying overseas tax; and COVID travel easement ending.

Sam Inkersole explains how electric company cars offer a favourable benefit in kind for employers and employees alike.

Highlights from the broader tax news for the week ending 17 November, including: HMRC contacting taxpayers about the extension of MTD VAT from April 2022, designation of the first freeport tax sites and a warning about self assessment scams.

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.

A response dated 24 April 2019 to a consultation published by HMRC on 13 March 2019.

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.