Over the years the government has tried a number of different methods to give tax relief in relation to buildings the latest incarnation being the structures and buildings allowance (SBA).
One of the key differences from previous attempts is that the SBA is available in respect of all non-residential buildings used for trading purposes – even buildings such as shops and offices will be eligible for relief.
When and how much?
Construction must have taken place on or after 29 October 2018 and includes not only new buildings but also renovation or conversion of existing ones.
Remember to review any expenses that have been disallowed on the grounds they were capital in nature to see if they qualify for the SBA.
The allowance is calculated at 3% a year of qualifying costs and will therefore be pro rated or scaled up for accounting periods that are less or...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.