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.
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