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Brief Encounter

Martin Wilson of the Capital Allowances Partnership LLP comments on HMRC's latest pronouncements on capital allowances including guidance on the integral features regime introduced by FA 2008
Previous articles ('Integral features' The Tax Journal 17 September 2007 and 'A cosmetic exercise' The Tax Journal 28 January 2008) have discussed the changes made to the system of capital allowances by Finance Act 2008 (first projected in February 2007) in particular the introduction of a new category of plant — so-called 'integral features'.
The bare rules leave unanswered many questions of definition and application. After a wait of almost two years since the changes were first announced and nearly a year after they took effect proposed guidance has now been issued in...

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