Capital Allowances 2023-24

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.

• New for this edition:
• Extensive case law changes, including Court of Appeal rulings in Urenco and Inmarsat
• Extension of £1 million annual investment allowances
• Detailed coverage of “full expensing” and ending of super-deduction
• Extension of first-year allowances for electric vehicle charge-points
• Investment zones (generally; first-year allowances; structures and buildings allowances)
• Expanded commentary on “incorporated in a building”
• Expanded commentary on meaning of “the provision of”
• Expanded commentary on meaning of “alteration of land”
• HMRC “One to Many” compliance letters
• Commentary on distinction between “goods vehicle” and “car” expanded and updated
• New HMRC guidance re various aspects of structures and buildings allowances
• Updated details of freeports
• All examples, rates, etc. updated as appropriate