Capital Allowances 2022-23

A practical, comprehensive guide to the UK system of capital allowances.

Use this book to avoid costly errors, and to maximise tax relief, thereby protecting the interests of all businesses and commercial property owners. Detailed and practical guidance on key topics re plant and machinery allowances: cars, fixtures in property, annual investment allowances, special rate expenditure, short-life assets, etc. Other allowances, including those for capital expenditure on R&D, and also structures and buildings allowance, are also covered in depth.

The book is written for accountants and others who need a fully technical guide. It complements our A-Z of Plant & Machinery, which shows the application of the plant and machinery rules to more than 300 specific types of expenditure, and the two may be bought together as a discounted bundle - see top of page. Together, the two books offer well over 1,000 pages of practical and clearly written commentary, arranged in a user-friendly and accessible format.

The 2022-23 edition contains a wide range of updated material, including the following:

• Extensive case law changes, including various decisions at Upper Tribunal and Court of Appeal
• Further extension of annual investment allowances
• New HMRC guidance on meaning of “plant or machinery for leasing”
• New HMRC guidance re long-term record-keeping in relation to the super-deduction and the special rate allowance
• New HMRC guidance on meaning of “unused and not second-hand”
• Clarification and examples illustrating interaction of fixtures election and super-deduction balancing charge
• FA 2022 changes across a range of topics (basis periods, uncertain tax treatment, freeports, vehicle emissions certificates, SBA statement allowances, AIAs)