Tax Updates: February 2013

The latest technical news, including legal quandaries over first-year allowances, anti-avoidance on deductions and Revenue Scotland consultation begins

First-year allowances and leasing

In MJF (Trench Construction Systems Limited) v HMRC, the First Tier Tribunal (FTT) examined the meaning of leasing when making capital allowance claims. Expenditure which falls into any of the general exclusions, within s46, Capital Allowances Act 2001, will not qualify for first-year allowances (FYAs).

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First-year allowances and leasing

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