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Documents on plant & machinery and fixtures
A consultation document has been published on proposed amendments to the generic anti-avoidance legislation in the part of the capital allowances legislation that applies to plant and machinery to make the rules more effective in preventing tax avoidance.
Four main changes are proposed:
- The ‘sole or main benefit test’ that determines whether a relevant transaction is a ‘transaction to obtain allowances’ will be replaced by a new purpose test.
- The definition of a ‘relevant transaction’ will be expanded to include other transactions where the claimant becomes entitled to benefit from a hire purchase or similar contract.
- Where the legislation applies the amount of qualifying expenditure on which the claimant can claim allowances may be restricted to the market value of the asset in question.
- It is proposed to...
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