NEWS - RECENT LEGISLATION CHANGES
Temporary First Year Allowances
First Year Allowances have been temporarily reinstated for the year to April 2010: -
- Applies to companies and individuals
- Applies only to general Plant & Machinery, not ‘Integral Features’ which continue to attract 10% Writing Down Allowances
Land Remediation Relief
Land Remediation Relief will be extended to include remediation of long term derelict land from April 2009.
This is defined as land that has been derelict, and continually derelict since 1 April 1998 and covers such expenditure as removal of: -
- post-tensioned concrete heavyweight construction;
- foundations of buildings or other structures or machinery bases;
- reinforced concrete pilecaps;
- reinforced concrete basements; or
- underground pipes or other apparatus for the supply of electricity, water or telecommunication services or for drainage or sewerage.
Japanese Knotweed
Land Remediation Relief will also be extended to the treatment of Japanese Knotweed, and significantly the HMR&C has agreed that any open or in date claims can now be considered as such: -
- Open or in date claims can be considered where Japanese Knotweed has been removed off site
- From 1 April 2009 only treatment on or off site can be considered, not removal to landfill
USEFUL LINKS
Interested in Enhanced Capital Allowances (ECA)? – They qualify for a 100% First Year Allowance.
Enhanced Capital Allowances
Carbon Trust - Energy - Taking Action
Budget 2007 finally enacted Building Premises Renovation Allowance (BPRA). This allowance enables 100% allowances to be claimed for the renovation of commercial property that has been vacant for one year or more in designated areas of the country.
The following is a post code checker, though care should be taken as inaccuracies have been known to occur:-
www.dtistats.net/regional-aa/aa2007.asp
If you would like any further information or advice on any of these issues, or any other aspect of Capital Allowances or Land Remediation Relief please Contact Us |
