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Structures and buildings allowances: final regulations laid

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The Capital Allowances (Structures and Buildings Allowances) Regulations, SI 2019/1087, came into force on 5 July 2019 to introduce the new structures and buildings allowance (SBA), giving relief at a rate of 2% per annum for qualifying expenditure incurred on or after 29 October 2018 on non-residential structures and buildings, where contracts for the construction works are entered into on or after that date.

The relief can be claimed at the time the relevant structure or building first comes into use.

HMRC announced the SBA at Budget 2018 with a technical note, and published draft regulations for consultation in March. A full summary of responses and final set of draft regulations were published in June.

Issue: 1451
Categories: News