The Structures and Buildings Allowance will help to support business investment in the UK, improve the case for developing new structural assets and enhance tax relief for such assets.
The technical note published at Budget 2018 outlined the key features of the policy and included consultation questions on residential use exclusion, leasing provisions, overseas property treatment and disuse provisions.
For the second part of the consultation process, the government invites views on the legislative detail, before it is laid before and approved by the House of Commons.
An overall response to consultation responses will be published in May 2019 and the final published version of this legislation will be in the form of a Statutory Instrument.
The published document consists of:
- An introductory note which briefly reiterates the scope and design of this new allowance as set out in the technical note published at Budget 2018. This includes a short section outlining how some technical elements of the policy design have changed following engagement with stakeholders so far in the consultation process.
- The draft secondary legislation that provides the legal basis for this new allowance. This sets out in detail the treatment for relieving expenditure at the inception of the new asset and after that. It explains the circumstances in which relief can be provided or transferred, including important exclusions such as land-related costs or residential use. Once in force, the legislation will apply to eligible costs incurred on or after 29 October 2018, in line with the commencement provisions.
Ways to respond
Structures and Buildings Allowance consultation, 1 Munroe Court, White Rose Office Park, Leeds, West Yorkshire, LS11 0EA.