This book has been comprehensively updated to cover all recent developments in this complex area. This includes the rules introducing major changes in the law and practice for claiming capital allowances on property purchases. Failure to understand and deal with these rules will, in many cases, result in a complete loss of allowances for both buyers and sellers. Inevitably, negligent advisers will face a significant increase in complaints, fee disputes, legal action and consequent claims against PI insurance.
Key developments in this area as announced in the Finance (No. 3) Bill 2017-19 include:
- New Structures and Buildings Allowance (SBA)
- Annual investment allowance (AIA) increase to £1 million
- Abolition of some environmental enhanced capital allowances
- Reduction in the special rate of plant and machinery allowances
- SSE Generation Limited v HMRC  UKFTT 416 (TC)
This print edition also consolidates changes made via the previous two years' online updates, including restructuring of historical content and updated commentary on:
- the abolition of the business premises renovation allowance from April 2017
- analysis of key case law such as Senex Investments Ltd v HMRC  UKFTT 0107 (TC) on business premises renovation allowances and Paul Telfer v HMRC  UKFTT 614 (TC) on whether caravans could be classified as 'plant'.