Veritas Advisory have made representations to Her Majesty’s Revenue & Customs (HMRC) on the new Structures and Buildings Allowances (SBAs) legislation, following an invitation to meet with HMRC, HM Treasury and the Valuation Office Agency and the Royal Institution of Chartered Surveyors. The key points that Veritas Advisory have made and require further clarification on, include:
- Definition of a dwelling for SBAs, our reservations for the proposed exclusion of Student Accommodation and Build to Rent and suggestions on how to incorporate them.
- Practical guidance as to the evidence required of original cost, date of expenditure, and periods of disuse to satisfy the proposed legislation.
- Clarity on whether Capital Contributions post 29 October 2018 are to be included or excluded from the SBA legislation.
- Capital Gains Tax interaction and stimulus to investment.
- Consideration that it should be taxpayer choice to decide on claiming of SBAs or plant and machinery for future owners.
We shall provide updates on the draft legislation when it has been published. Should you have any queries or wish to discuss any of the above representations please contact our Director, Clive Curd.