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HMRC manual changes: 14 June 2024

Direct taxes  

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Capital Allowances ManualUpdated: CA23122 and CA94751 The guidance explains the First Year Allowance (FYA) available for companies investing in plant and machinery for use in freeport and investment zone special tax sites; and the enhanced rate of structures and buildings allowance (SBA) for qualifying expenditure incurred on buildings in special tax sites. In order to qualify for this FYA the expenditure must be incurred on or before the applicable sunset date in relation to the special tax site concerned; and in order to qualify for the enhanced SBA the building must be first brought into qualifying use on or before the applicable sunset date. Following legislation to extend the sunset dates the guidance confirms a sunset date...

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