Tim Beresford’s thoughts on some of the proposed Capital Allowances changes being introduced in the Finance Bill 2013 were today published in The Tax Journal.
A copy of the article can be found in the technical section of our website.
The Bill as it currently stands includs a number of changes to the current Capital Allowances rules.
Firstly, it announces a temporary ten-fold increase in the Annual Investment Allowance from £25,000 to £250,000. This increase will apply from 1st January 2013 to 31st December 2014.
It also confirms the previously announced intention to limit certain income tax reliefs with effect from 6th April 2013. Whilst the cap will apply to losses created by Capital Allowances in an ordinary property business, a welcome exemption is that it will not apply to claims for Business Premises Renovation Allowances.