HMT Publishes Draft Legislation On Capital Allowances
The UK Treasury has this week published two technical notes containing
draft legislation on the key new elements of the capital allowances
system, announced as part of the package of reforms to the business
tax system in Budget 2007. The package of reforms, including a reduction in the headline rate of corporation tax from 30% to 28%, is designed to enhance the international competitiveness of the UK, by encouraging investment, promoting innovation and ensuring fairness across the tax system. This legislation reflects the comments received in
response to the July consultation 'Business tax reform: capital
allowances changes'. This week's technical notes include draft legislation covering the new annual investment allowance (AIA), the new classification of features integral to a building, the transitional rules for the move to the new regime and, in a separate document, the new payable enhanced capital allowance for environmentally beneficial
and energy-efficient technologies. Comments on the draft legislation should be submitted by 15 February 2008. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.