Until 31 March 2023, companies can claim 130% tax relief on qualifying plant and machinery. Other plant and machinery may be eligible for a first-year allowance (FYA) at a rate of 50%. In contrast, structures and buildings are only eligible for a 3% p.a. writing down allowance.
The issue of ‘What is plant?’ is therefore currently even more important than in the past. Unfortunately, the differences between plant and buildings, and between the different categories of plant, are often nuanced, so it is easy to make mistakes.
Claiming as much tax relief as possible on capital expenditure can make a huge difference to the effective cost to businesses of the work carried out or items purchased. To do this requires a good understanding of both statute and case law.
This course will aim to give attendees the knowledge to deal with these issues in practice, covering everything from the basic definitions of ‘plant’ to common everyday scenarios where a knowledge of capital allowances law can save money. Key case law will be used throughout to enhance this knowledge.
This course will be suitable for anyone involved in CAPEX projects, whether managing such projects or acting as an advisor.