Capital allowances on cars

Capital allowances on cars

December 2nd 2008 6:32 pm

general

HMRC have issued some draft legislation and guidance on how the tax relief on business cars, known as capital allowances, wil ...

492 views

HMRC have issued some draft legislation and guidance on how the tax relief on business cars, known as capital allowances, will be calculated from April 2009. The new rules apply to expenditure incurred on or after 6 April 2009 (1 April 2009 for companies). The 100% immediate write off for expenditure on cars with CO2 emissions of 110 gm/km or less remains but the old expensive car rules are abolished. The rate of annual writing down allowances for expenditure on other cars will be determined by the car’s CO2 emissions. The new rules provide that expenditure on cars with CO2 emissions:
  • not exceeding 160gm/km will be pooled in the main 20% pool: and
  • over 160gm/km will be pooled in the 10% pool.
The legislation is draft at present and we will keep you informed of developments. Meanwhile do get in touch if you are planning significant expenditure in this area. Source: Treasury note

be smart. find an accountant online now. it's easy!

what type of accounting work do you need help with? choose below.

Disclaimer

We are a lead generation facility for accountants located across the UK. We provide our visitors with the ability to search for accountants directly or provide details of the work they require and seek out accountants looking for clients with similar circumstances. Users of this website are assured that their personal details are not distributed to more than one accountant and that accountant is then allowed to contact the user to discuss the service the accountant can provide. All data transmission on this website and administration facility is carried out under full 256-bit SSL encryption.

Data Protection Registration Number ZA200013

Please read our full disclaimer.