Capital Allowances: Rural Areas

Treasury written question – answered on 15th July 2008.

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Photo of David Drew David Drew Labour, Stroud

To ask the Chancellor of the Exchequer what assessment he has made of the effect of the withdrawal of capital allowances on buildings in rural areas.

Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury

The phased withdrawal of agricultural buildings allowances (ABAs) is part of a package of measures which also saw the reduction in the main rate of corporation tax and the basic rate of income tax and the introduction of a £50,000 annual investment allowance, allowing 95 per cent. of businesses to write-off all their expenditure on plant and machinery (apart from cars) in the year in which it is made. An impact assessment in respect of the business tax reform package as a whole was published as part of the December 2007 technical note on the capital allowances changes. A link to that document is as follows:

http://customs.hmrc.gov.uk/crannelsPortalWebApp/channels PortalWebApp.portal?_nfpb=true&_pageLabel=page_Library_ ConsultationDocuments&propertyType=document& columns=1&id=HMCEPROD1_028217

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