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New regulations specify a number of energy-saving items that companies may deduct in working out their taxable profits for corporation for tax purposes. The Energy-Saving (Corporation Tax) Regulations 2008 (SI 2008/1520) come into force on 7 July 2008. The Regulations specify a number of items which are to be classed as energy-saving items for the purposes of ICTA 1988, s 31ZA(5). That section allows landlords within the charge to corporation tax, when calculating their taxable profits, to deduct expenditure on acquiring and installing these items in the residential properties which they let. The Regulations also set the maximum amount of expenditure for which such a deduction may be made at £1,500 per dwelling-house in each tax year, include rules restricting the deduction and for making apportionments in cases where two or more persons have interests in a property or the expenditure benefits more than one property, and make provision for appeals where such apportionments are made. Link
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Friday, 13 June 2008 | 1107 Hits |
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