Company cash flows would be hit because of the government’s plans to provide a slower rate of tax relief on assets such as plant and machinery, the accounting body said.
Tax relief could move from a system based on capital allowances to one based on how assets are depreciated in company accounts. Although the two systems offer about the same value of tax relief, capital allowances do so at a much faster rate.
The Treasury plans could affect a whole range of companies because plant and machinery includes IT equipment.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states