Structures and Buildings Allowance

The 2018 Autumn Budget brought good news for businesses with tax relief now being available for new commercial structures and buildings. Structures and Buildings Allowance (ABAs) is available for eligible building costs where the contract was entered into on or after 29 October 2018 and relief is given at a straight line rate of 2% per annum.  Although this means that full tax relief will not be obtained for fifty years it will still be welcomed by tax payers incurring costs on buildings and structures used within their trade, profession or vocation. The allowance will follow the building so future disposals will not result in balancing adjustments and the new owner will take over the balance carried forward and benefit from future tax relief. Whilst the annual relief may seem minimal, when combined with capital allowances on fixtures and fittings and integral features tax payers will see a difference when it comes to tax payable.

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Patton Rainey Stenson Limited

6 East Bridge Street, Enniskillen, Fermanagh, Northern Ireland, BT74 7BT

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