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Capital allowances

Access expert commentary and practical guidance from ICAEW on capital allowances within the UK tax regime

In this section

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.

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.

Business implications of Budget 2018

The Chancellor faced a tough job to reassure businesses and while some measures, such as the increase in Annual Investment Allowance and the business rates relief are welcome, Iain Wright, director of corporate and regional engagement at ICAEW, concludes that increasing national debt shows the fragility of the recovery and the uncertainty arising from Brexit.

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.

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.

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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 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

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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