Tax allowances on farm buildings - May 2010
With the phasing out of the Agricultural Buildings Allowance, many agricultural buildings will receive no tax relief in the future. However, many buildings do in fact contain an element of plant & machinery which does qualify for generous tax allowances. In addition, various buildings can be treated as plant & machinery in their entirety by the tax office.
It is important to discuss with us any new buildings you plan to build/acquire so that, where appropriate, we can advise you as to the available allowances and the best to way to maximise them. Leaving it until after the building has been constructed can lead to a loss or reduction in allowances.
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