Capital allowances on property sales—pre-contract enquiries

Copyright © 2025 LexisNexis
Published by a LexisNexis Tax expert
Practice notes

Capital allowances on property sales—pre-contract enquiries

Copyright © 2025 LexisNexis

Published by a LexisNexis Tax expert

Practice notes
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FORTHCOMING CHANGE: At Spring Budget 2024, the previous Conservative government confirmed that it would publish draft capital allowances legislation for consultation to seek views on a potential extension of full the expensing allowances (ie the 100% first-year allowance for main rate plant and machinery assets and the 50% first-year allowance for special rate assets) to include plant and machinery assets for leasing. In addition, that government announced at Autumn Statement 2023 its intention to consult on the wider legislative implications of the introduction of these first-year allowances.

For more information, see News Analyses: Autumn Statement 2023—Tax analysis and Spring Budget 2024—Tax analysis.

Autumn Budget 2024, which was delivered by the current Labour government on 30 October 2024, included the following relevant developments:

  1. •

    commitments made in the Corporate Tax Roadmap 2024 to maintain, for the duration of the Parliament, the permanent full expensing allowances (ie the 100% first-year allowances for companies on qualifying new and unused main plant and machinery and the 50% first-year allowance for companies on qualifying new and unused special rate plant and machinery),

Martin Wilson
Martin Wilson

A former Chartered Accountant, now retired, Martin is the author of more than a dozen books on capital allowances, including Bloomsbury Professional's Capital Allowances: Transactions and Planning. Martin co-founded The Capital Allowances Partnership Limited after 15 years with leading accounting firms, where he headed up the specialist capital allowances practice. He has personally advised some of the UK's leading companies, as well as a myriad of private investors, both in the UK and overseas.

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Steven Bone
Steven Bone

Director, Gateley Legal

Steven is a tax-qualified chartered surveyor. He has specialised in capital allowances for more than 25 years, and more recently land remediation relief and R&D tax incentives. 

In his role as director at Gateley Capitus, Steven works with businesses that are buying, building or refurbishing commercial property, cleaning-up contaminated land and buildings or undertaking R&D activity to help them pay the right amount of tax by optimising the tax reliefs available to them.

Prior to joining Gateley Capitus, Steven held senior roles in the Big 4, specialist boutique and national mid-tier accountancy firms. He is a fellow of the Royal Institution of Chartered Surveyors (RICS) and the Association of Taxation Technicians.

Alongside daily practice, Steven is a tax incentives writer and speaker for property investment and innovation activity. 

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Capital allowance definition
What does Capital allowance mean?

An allowance made for certain types of capital expenditure to be used as reductions against a company's corporation or income tax liability on profits.

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