IBA: highway undertakings: definitions
Budget 2007 announced a business tax reform package including the gradual withdrawal of IBAs and ABAs over four years. Legislation was introduced in FA08 to give effect to those changes. The phased withdrawal of IBA writing down allowances had effect for chargeable periods ending on or after 1 April 2008 for businesses within the charge to CT and 6 April 2008 for businesses within the charge to IT. There are no IBA writing down allowances for the financial year beginning on 1 April 2011 and subsequent years.
A highway undertaking is:
- an undertaking involving the design, building, financing and operating (DBFO) of any roads in respect of which a `highway concession’ exists.
A highway concession is:
- a right to receive sums from the Secretary of State or from the Department for Regional Development in Northern Ireland because the road is or will be used by the general public, or
- the right to charge tolls in respect of a toll road.