Advisers have warned that draft legislation for changes to capital allowances
will hit businesses harder than they initially thought when the changes were
first announced in the Budget.
KPMG’s head of capital allowances David Woodward said his initial analysis of
the draft legislation shows that ‘integral fixtures’ will now be redefined as
Essentially this means that far more plant equipment, such as wiring, will
now only be moved into a new band that will only attract 10% relief as opposed
to the original 20%.
The changes were met with fierce opposition when originally announced,
especially from manufacturers and capital-intensive industries.
The new changes, outlined in the draft legislation, are set to have an even
deeper impact on businesses.
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