Summer Budget 2015

Chancellor George Osborne MP delivered his seventh Budget statement on Wednesday 8th July 2015. E³ Consulting highlights the key Property & Construction aspects.

George Osborne

 

Chancellor George Osborne MP delivered his seventh Budget statement today, Wednesday 8th July 2015.  ‘Billed as the Conservative’s first budget for 16 years, there was significant measures to reform welfare and modify the UK tax regime.  Whilst continuing pursuit of tax abuse, both by offshore entities and NonDoms.

 

E³ Consulting highlights here the key Property & Construction aspects – we hope you find it useful (where applicable references relate to the Budget Red Book) – but do contact us to discuss any matters that might affect you or your projects in greater detail.

 

2.120 Capital allowances: Annual Investment Allowance (AIA) 

The government will increase the permanent level of the AIA from £25,000 to £200,000 for all qualifying investment in plant and machinery made on or after 1 January 2016. (Summer Finance Bill 2015)

 

This measure was pre-announced in the last Budget, although without specifying the level of the capped amount.  At £200,000 per annum this will continue to be advantageous to SMEs investing in their business or premises.  However larger businesses will continue to find the cap too low to influence any investment decisions. 


Fixing it as a ‘permanent’ feature of allowances rather than time limited will also enable some businesses to factor it into their investment decisions.

 

Our detailed review is available from the side panel.

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