Revenue and Customs Brief 3 (2013): plant and machinery allowances
Published 1 March 2013
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Purpose of this brief
This brief seeks comments on new guidance on Plant and Machinery Allowances (PMA) in respect of qualifying expenditure on second-hand fixtures.
Any comments on this draft guidance should be made to HM Revenue and Customs (HMRC) by 15 May 2013. Contact details are included at the end of this brief. HMRC aims to publish this guidance in the Capital Allowances Manual as soon as possible after any comments received have been considered.
Background
Legislation was introduced in Finance Bill 2012 to make the availability of capital allowances to a purchaser of second-hand fixtures conditional on the pooling of relevant expenditure prior to a transfer, and on the seller and purchaser formally agreeing a value for fixtures within 2 years of a transfer, or on formal proceedings to agree the value being commenced within that time.
This brief sets out draft guidance on this new legislation.
The proposed text of this guidance is in this document - CA26470 PMA: Fixtures: Changes in ownership: Introduction and Commencement (PDF 51K)
How to comment
Comments on this draft guidance may be sent to:
Annie Carney
Room 64
3rd Floor
100 Parliament Street
London
SW1A 2BQ
Email: CAGuidance.CT&VAT@HMRC.gsi.gov.uk
Telephone: 020 7147 2610