The new Structures and Buildings Allowance: HMRC guidance published

On 15 August 2019 HMRC published guidance to provide more insight into the new rules around tax relief for the cost of building, buying or leasing a structure or building. The new rules will apply where contracts are signed on or after 29 October 2018 and allow 2% tax relief a year, on certain costs incurred on its purchase, construction or renovation.

The new structures and buildings allowances regime was announced on 29 October 2018. On 17 June 2019, HMRC published revised draft legislation together with a summary of responses to the consultation around the draft legislation (first published in March of this year).