{"id":5465,"date":"2022-05-12T04:00:00","date_gmt":"2022-05-12T04:00:00","guid":{"rendered":"http:\/\/im-23643"},"modified":"2023-01-11T11:14:49","modified_gmt":"2023-01-11T11:14:49","slug":"structures-and-buildings-allowances","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/structures-and-buildings-allowances\/","title":{"rendered":"Structures and Buildings Allowances"},"content":{"rendered":"<p>The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures.&nbsp;<\/p>\n<p>The relief was introduced in October 2018 at an annual capital allowance rate of 2% on a straight-line basis. The annual rate was increased to 3% from April 2020, and the corresponding period reduced to thirty-three&nbsp;and one-third years.&nbsp;<\/p>\n<p>HMRC&rsquo;s guidance sets out the process for making a claim. In order to make a valid claim a written allowance statement is required.&nbsp;<\/p>\n<p>The allowance statement must include:<\/p>\n<ul>\n<li>information to identify the structure, such as address and description<\/li>\n<li>the date of the earliest written contract for construction<\/li>\n<li>the total qualifying costs<\/li>\n<li>the date that you started using the structure for a non-residential activity<\/li>\n<\/ul>\n<p>The claimant must also meet the necessary requirements in respect of the building itself and the chargeable period for the claim.&nbsp;<\/p>\n<p>The start date of the claim is the later of the following two dates:<\/p>\n<ul>\n<li>the date when you started using the structure for a qualifying activity<\/li>\n<li>the date that you are due to pay for the structure or construction.<\/li>\n<\/ul>\n<p>No relief is available where parts of the structure qualify for other allowances, such as plant &amp; machinery allowances.<\/p>\n<div style='font-size:smaller' class='im_source'>Source: HM Revenue &#038; Customs   Tue, 10 May 2022 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Structures and Buildings Allowances (SBA)<\/p>\n","protected":false},"author":1,"featured_media":5466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[149,1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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