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Key points
- The structures and buildings allowance applies to new contracts from 29 October.
- Residential buildings do not qualify.
- For the claim it is necessary to calculate expenditure that is excluded.
- The claimant must satisfy an allowance statement.
The structures and buildings allowance (SBA) was introduced in the autumn 2018 Budget after a recommendation by the Office for Tax Simplification in its report Accounting depreciation or capital allowance (tinyurl.com/otsadcajune). On 18 June HMRC published its response (tinyurl.com/hmrcsbarespjun) to the consultation and revised legislation further to the draft legislation published in March (tinyurl.com/draftsbamar) for the SBA (CAA 2001 s 270AA to s 270IL). A new s 270AA(4) has been added to the effect that if a building or structure is demolished the person ceases to be entitled to the SBA.
The new tax relief is aimed at relieving the capital expenditure on buildings...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
