The Capital Allowances Act 2001 consolidates the law regarding capital allowances and is pivotal for businesses in the UK. It simplifies the process by which businesses can claim tax relief on capital expenditure. This Act replaced several older laws, streamlining and clarifying the provisions relating to plant and machinery, industrial buildings, and other assets. Important highlights include detailed guidance on the rates of allowances available, specific qualifying expenditures, and the introduction of new categories like environmental allowances. The Act aims to encourage investment and foster economic growth by providing clear and accessible tax relief mechanisms.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
TAKE A FREE TRIALThe Capital Allowances Act 2001 consolidates the law regarding capital allowances and is pivotal for businesses in the UK. It simplifies the process by which businesses can claim tax relief on capital expenditure. This Act replaced several older laws, streamlining and clarifying the provisions relating to plant and machinery, industrial buildings, and other assets. Important highlights include detailed guidance on the rates of allowances available, specific qualifying expenditures, and the introduction of new categories like environmental allowances. The Act aims to encourage investment and foster economic growth by providing clear and accessible tax relief mechanisms.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
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