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HM Treasury and HMRC issue discussion paper on capital allowances changes
Practical Law UK Legal Update 8-374-5022 (Approx. 7 pages)
HM Treasury and HMRC issue discussion paper on capital allowances changes
by PLC Tax
| Published on 01 Aug 2007 • United Kingdom |
On 26 July 2007, HM Treasury and HM Revenue & Customs (HMRC) issued a joint discussion paper on changes announced in the 2007 Budget to the capital allowances regime.
The changes, which are to take effect from April 2008, include a:
- New 10% rate for fixtures integral to a building.
- New annual investment allowance for the first £50,000 of investment.
- Payable tax credit for losses resulting from capital expenditure on certain "green technologies".
The government is seeking feedback, by 19 October 2007, on the proposals contained in the discussion paper.