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JOHN WARD discusses the capital allowances that can be claimed on farm buildings
KEY POINTS
- HMRC say agricultural sheds and buildings are structures not plant.
- The rules relating to integral fittings have been relaxed.
- When is a chicken shed moveable?
- Demonstrate why the shed needs to be moved around.
- Plan in advance.
Most of the legislation regarding sheds and structures is contained in Capital Allowances Act 2001 s 21 and s 22 and HMRC’s Capital Allowances Manual paragraphs CA22000 et seq.
HMRC’s guidance on agricultural sheds and buildings is quite clear: they are deemed structures and do not qualify as plant for capital allowances and annual investment allowance.
Agricultural buildings allowances are available although these are being phased out and with effect from the 2011/12 tax year will no longer be...
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