The chancellor, George Osborne, may only have inhabited No 11 for 21 months, but it feels like we have endured a decade worth of changes already.

The world of capital allowances is no stranger to change and has endured significant amendment over the last five years and, like previous chancellors, Osborne has continued the tinkering.

Following a protracted consultation process, legislation for Finance Bill 2012 has now been drafted. As expected, HMRC has responded to an increased number of so-called ‘late claims’ from taxpayers for capital allowances on fixtures within property.