A surprise in the Autumn Budget was a new capital allowance called the structures and buildings allowance (SBA). A technical note outlined its key features but the Finance Bill 2019 just reproduced these and stated that CAA 2001 would be amended by regulations. The substantive statutory instrument will not be laid before Parliament until after royal assent of the Finance Bill.
In many respects SBAs sound similar to the industrial buildings allowances (IBAs) that were abolished from 2011. Although SBAs will be more widely available than the former definition of ‘industrial’ buildings the tax relief will be given at half the rate. The key aspects are set out below.
For both income or corporation tax purposes SBAs will give a...
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A surprise in the Autumn Budget was a new capital allowance called the structures and buildings allowance (SBA). A technical note outlined its key features but the Finance Bill 2019 just reproduced these and stated that CAA 2001 would be amended by regulations. The substantive statutory instrument will not be laid before Parliament until after royal assent of the Finance Bill.
In many respects SBAs sound similar to the industrial buildings allowances (IBAs) that were abolished from 2011. Although SBAs will be more widely available than the former definition of ‘industrial’ buildings the tax relief will be given at half the rate. The key aspects are set out below.
For both income or corporation tax purposes SBAs will give a...
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: