As the election campaigns gathered pace throughout March, April and May, we at EXACT took a specific look at which parties were highlighting the property tax arena.
As each of the parties released their manifestos we scoured their public declarations of policy and aims’ to find any hint of a Capital Allowances or Annual Investment Allowance promise.
Only the conservatives mentioned anything to do with this and there statement was also highlighted in the Chancellors Annual Budget of the 18th March.
Page 21 of 84 of the ‘Tory manifesto states:-
“we will set a new, significantly higher, permanent level for the Annual Investment Allowance.”.
The AIA is due to drop from its current level of £500,000 to a mere £25,000 on 1st January 2016. This statement, although not detailing a specific figure is a clear indication that the £25,000 is too low.
We feel an increase to £250,000 would cover the large majority of SME businesses annual expenditure on Capitalised Assets.
We expect an announcement in the Autumn Statement 2015, which is expected in Early December.
Remember, Capital Allowances can be claimed by any person or company who own Plant & Machinery. Usually this is within commercial property which you own or buy.
We’ll keep you posted!
Arthur – EXACT
- – Source ConservativeManifesto2015.pdf
- – Source LabourManifesto2015.pdf
- – Source libdemManifesto2015.pdf