Capital Allowances: Budget update and Webinar
Changes to Capital Allowances in the Autumn budget
Changes to Capital Allowances: Autumn Budget 2024 Update
The Autumn Budget 2024 has introduced several key updates to Capital Allowances, focusing on sustainability and clarity in tax treatment.
Here’s what you need to know:
🔹 100% First Year Allowances (FYAs) for zero-emission cars and EV charging points have been extended until April 2026, helping drive the shift towards greener transportation.
🔹 Double Cab Pick-Ups Update: From April 2025, double cab pick-ups with a payload of one tonne or more will be treated as cars for capital allowances.
🔹 Transitional Arrangements for double cab pick-ups will apply for purchases contracted before April 2025 but completed by October 2025, retaining the current capital allowances treatment.
🔹 Predevelopment Costs Consultation: A consultation will launch soon to assess the tax treatment of predevelopment costs, addressing a key area of planning for businesses.
🔹 Future of Full Expensing: The government is exploring extending full expensing to assets bought for leasing, aiming to provide even greater tax efficiency.
🔹 Clarity on Capital Allowances: HMRC will work closely with stakeholders to clarify guidance on capital allowances, reducing uncertainty.
These changes offer valuable insights and tax-saving opportunities, especially for businesses investing in green tech.
Join our webinar on 14th November at 9am to learn how you can maximise embedded capital allowances and explore these updates in depth.
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