Lead Forencsices

Last Chance for Energy Efficient Capital Allowances?

From April 2020 the Enhanced Capital Allowances (ECAs) available on energy and water efficient assets will be withdrawn. Currently, 100% first-year allowances are available on these assets, and where the allowances create a loss, this can be converted into a payable tax credit from HMRC.

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CGT Relief on Homes Slashed

The 2020 Finance Act is set to reduce the scope of the valuable Private Residence Relief (PRR), which prevents Capital Gains Tax (CGT) being charged when you sell your home. From 6 April 2020, the CGT payable on the sale of a residence may increase by up to £11,200 due to a restriction to PPR ‘Letting Relief’.

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R&D Relief for SMEs

The UK corporation tax relief for expenditure on Research and Development (R&D) is extremely generous, particularly for small and medium-sized enterprises (SMEs).

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Changes to Conditions for Entrepreneurs’ Relief

Entrepreneurs’ Relief has been the subject of recent changes including an extension to the length of the required qualification period and the introduction of a measure or protection for taxpayers who find that their shareholding has been diluted below the Entrepreneurs’ Relief threshold.

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