Structures And Buildings Allowance Update

The new structures and buildings allowance was announced in the 2018 Budget and relief will be given at a rate of 2% per annum on qualifying expenditure for a period of up to 50 years ...

You could qualify for Structures And Buildings Allowance on your new acquisition or construction!

You can read my initial thoughts in this blog post from 23 November 2018. After some delay, HMRC has now published its draft guidance. The construction is treated as beginning before 29 October 2018 if any contract is entered into before that day, or after that date, but connected to a 'preparatory contract' from before then.

There are broadly three things required to qualify for the new relief:

Qualifying expenditure is incurred on construction or acquisition
The building or structure is not in residential use
There is a qualifying activity

The new rules say that the 2% charge is for one year of qualifying expenditure, for a period of up to 50 years. Entitlement ceases if the building or structure becomes residential or is demolished. If you are entitled to an allowance, you must make a written statement containing the earliest contract date before you make the claim as well as other important information to back up your claim.

Remember that I've covered this in more details in a previous blog post so if you'd like to find out more about the Structures And Buildings Allowance then do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.

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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.

Structures And Buildings Allowance Update

HMRC has now published its draft guidance ...