BUDGET MARCH 2011 – CAPITAL ALLOWANCES MAKE HEADLINES!

The Chancellor presented his budget today with the by-line of promoting growth to the UK economy and delivered a speech with several surprises. We as specialist capital allowances advisers found ourselves busier than expected.

Several measures we knew were coming – such as the already announced plant and machinery and integral features rates reduction, but the changes to short life assets rules and the confirmation of the abolition of land remediation tax relief were more of a surprise, although not entirely unexpected, thanks to the recent Office of Tax Simplification (OTS) recommendations .

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