All articles by Jonathan Vines
Jonathan Vines
When can capital allowances be claimed?
Historically, restrictions on the availability and rate of UK capital allowances made leasing overseas equipment from the UK difficult and unattractive for all but a few favoured assets such as ships. Developments in EU tax case law were probably the prime driver for changes to such unfairness and certainly contributed to the abolition of these capital allowance restrictions as part of the package of measures that saw the introduction of the long-funding lease regime. Accordingly, subject to some specific restrictions, from 1 April 2006 it has been possible to claim capital allowances on equipment leased under non-long funding leases to non-residents.
Extension of first-year allowances good for lessors
In his debut Budget speech, Alistair Darling paid much attention to the UKs tax competitiveness and asserted that the UK had a stable tax regime Following his speech, with the Budget mantra of stability still ringing in our ears, HM Revenue & Customs published a plethora of Budget notes and supplementary documents for us to digest.This article will focus on the areas of particular interest to the leasing industry