Structures and building allowance increased to 3%
In the October 2018 Budget a new tax relief was introduced for the cost of construction or renovation of commercial buildings and structures. As announced in the Conservative Party manifesto the original 2% straight line allowance is to be increased to 3% from 1 April 2020 for companies, 6 April 2020 for unincorporated businesses.
Businesses already claiming the Structures and Building Allowance at the former rate of 2% will be entitled to claim relief at the 3% rate from April 2020.
For further information on the structures and building allowance, please contact Alan Rolfe on 023 8046 1235.