Levels of capital investment committed by the UK private sector and the associated tax relief available lag behind its competitors, resulting in lower productivity and predicted growth. HMRC has published a consultation seeking views on changes to the capital allowances regime to encourage increased investment. Several options are under consideration and it is important that any changes made have a broad application, such that all taxpayers can benefit, including companies awash with losses. Taxpayers should model the impact of options and engage openly and honestly with HMRC so that feedback is acted upon, so changes can be made resulting in the desired outcome.
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Levels of capital investment committed by the UK private sector and the associated tax relief available lag behind its competitors, resulting in lower productivity and predicted growth. HMRC has published a consultation seeking views on changes to the capital allowances regime to encourage increased investment. Several options are under consideration and it is important that any changes made have a broad application, such that all taxpayers can benefit, including companies awash with losses. Taxpayers should model the impact of options and engage openly and honestly with HMRC so that feedback is acted upon, so changes can be made resulting in the desired outcome.
If you are not a subscriber, subscribe now to read this content.
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