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2010 review: capital allowances

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The five key 2010 capital allowances issues were: doubling the Annual Investment Allowance to £100,000; the JD Wetherspoon tribunal decision about preliminaries and incidental expenditure in existing buildings; a narrower definition of a ‘dwelling-house’; new anti-avoidance rules to prevent capital allowances ‘buying’; and the replacement of error or mistake relief with recovery of overpaid tax provisions that no longer assist in remedying unclaimed capital allowances. Several changes proposed for 2011 and 2012 have also been announced including, in 2012, reducing the main rate of relief for plant to 18% and the special rate for integral features etc to 8%.

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