Budget 2018: the chancellor has announced changes to the Capital Allowance rules to clarify when expenditure on altering land to install plant and machinery qualifies for allowances.
For claims on or after 29 October 2018, capital expenditure on altering land only for the purposes of installing plant or machinery will only qualify for Capital allowances where the plant or machinery being installed also qualifies.
Under a new Structures and Buildings Allowance (“SBA”) also announced at Budget 2018, the alteration of land connected to the construction of structures and buildings may qualify for the SBA.
Useful links:
External link
HMRC Policy paper: Capital allowances: clarification of allowances for costs of altering land
