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AIA UPDATE: Capital Allowances Loophole Closes
In June we featured an article detailing changes to Annual Investment Allowance (AIA) due to come into legislation April 2012, and the tax advantages which would have been beneficial to businesses bringing forward claims for fixed asset expenditure prior to that date.
Since publication of the article, the Government has brought forward the proposed reduction for effect immediately, citing concern surrounding the potential loss of significant revenue to the Exchequer.
The Economic Secretary to the Treasury, Justine Greening said:
“The Government is determined to reduce tax avoidance in order to protect the Exchequer, which provides funding for public services, and maintain fairness for the taxpayer. By ending this loophole today we will preserve important revenue while maintaining a fair system of capital allowances to support business investment.”
If you are concerned about how these changes affect you or your business, contact your McLintocks advisor today on 0845 680 7800.
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