News

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  Osborne Recognises Importance of Investment Incentives

  After much hype and press speculation around how the new coalition was going to fund their utopian environment of lower corporate taxes, the perceived easy target of drastically reducing rates of Capital Allowances were in the end only trimmed very modestly and also given a 21 month reprieve before taking effect.

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  Budget Tax Special

  In this ‘Budget Tax Special’ we look at some of the main tax issues arising from the recent Emergency Budget in more detail and suggest what they could mean for the property and construction sectors, as well as considering what further changes may lay ahead.

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  ECAs - More Valuable Than Ever Before

  Following the changes to the Capital Allowances regime announced on 22nd June, the importance of maximising this tax relief has never been more crucial. The value of the 100% Capital Allowances such as Enhanced Capital Allowances (ECAs) had already increased significantly with the introduction in April 2008 of the 10% special rate pool.

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  The Unavoidable Budget

  After months of waiting, the expected root and branch reform of Capital Allowances failed to materialise; instead the Chancellor only reduced the headline rates of plant and machinery, as well as cutting the annual investment allowance. Furnished holiday lettings were also reinstated. Here we highlight the major changes.

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  What now for Capital Allowances?

  Now that David Cameron and Nick Clegg have found enough common ground to form a Government, one thing we can be certain about is that public money needs to be found from somewhere to reduce the UK’s massive debts. The Conservatives would prefer the emphasis to be on a reduction in Government spending, whilst the Liberal Democrats believe that a fairer system of taxation is the answer.

  FULL ARTICLE