Finding Your Way Around IBAs

Article Abstract:

The Capital Allowances Act of 1968 in the United Kingdom allows tax relief for industrial buildings. Prior to FA 1978, buildings had to be industrial, agricultural or for scientific research, but since then the law has expanded to include other enterprises, including warehouses, sports pavilions and parts of buildings. Buildings are excluded if any part is a dwelling house, retail outlet, showroom or office, except those directly affecting the industrial parts of the business. Allowances can be claimed for certain temporary structures used for a trade and any capital repair work. The initial allowance, seventy-five per cent, is available in the year that the expenditure is incurred and a writing down allowance of four per cent per year is available thereafter. In the case of a sale, there is a balancing allowance when the sale proceeds exceed residue of expenditure. Anti-avoidance legislation was added in 1972 to prevent accelerating allowances through a sale to a related party. When a transfer is made between connected parties but not for the main purpose of obtaining a tax benefit, the buyer may choose to take over the tax position of the seller as regards the building.

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VAT on Services

Article Abstract:

The provision of accountancy and financial services to an overseas client is not automatically zero-rated. The liability is dependent upon 'belonging' and other factors. Accountancy services to an American resident in the United States, to a United States company registered in the United States, and to a French company registered in France are zero-rated. Personal accountancy services to a French resident in Paris, and to an American permanently resident in France are standard rated.

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The use of tax regulations as covert political policy variables: a case study of tax expenditures during the Thatcher years

Article Abstract:

Income tax expenditures in the UK from 1979-90 are discussed.

United Kingdom, Government expenditures, Taxes, Economic policy, Thatcher, Margaret

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