The new government quickly made its mark on the tax landscape by announcing the reduction in corporation tax rates and the corresponding decrease in the rates of tax relief available from capital allowances. The latest Finance Bill which will become the third Finance Act of 2010 will implement only minor changes to the capital allowances legislation with the main rate changes still to come.
As a brief reminder the reduction in the rates of writing-down allowances on plant and machinery and reduction in the Annual Investment Allowance which take effect from 1 April 2012 are summarised as follows:
General pool: down from 20% to 18% p.a. writing-down allowances
Special rate pool: down from 10% to 8% p.a. writing-down allowances
Annual investment allowance: down from £100 000 p.a. to £25 000 p.a.
All of which follows the previous reductions which came into affect in 2008...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
The new government quickly made its mark on the tax landscape by announcing the reduction in corporation tax rates and the corresponding decrease in the rates of tax relief available from capital allowances. The latest Finance Bill which will become the third Finance Act of 2010 will implement only minor changes to the capital allowances legislation with the main rate changes still to come.
As a brief reminder the reduction in the rates of writing-down allowances on plant and machinery and reduction in the Annual Investment Allowance which take effect from 1 April 2012 are summarised as follows:
General pool: down from 20% to 18% p.a. writing-down allowances
Special rate pool: down from 10% to 8% p.a. writing-down allowances
Annual investment allowance: down from £100 000 p.a. to £25 000 p.a.
All of which follows the previous reductions which came into affect in 2008...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
