Recent news
The Pre Budget Report on 9 December 2009 announced few capital allowances changes;
Energy efficient vehicles
- 100% First Year Allowance for electric vans from 1 April 2010.
Anti avoidance on creation of excess capital allowances
- Originally announced and effective from 21 July 2009, introduced to prevent tax avoidance through the transfer of an entitlement to benefit from capital allowances on plant or machinery, used for the purpose of a trade, where the tax written down value of the plant or machinery exceeds its balance sheet value (‘latent capital allowances’). This measure will only apply where the transfers are tax-motivated.
Furnished Holiday Lettings
- Originally announced in the 2009 Budget, draft legislation and guidance are published on the repeal of the Furnished Holiday Lettings rules from 1 April 2010.
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