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HMRC have issued Brief 20/09, which will be of interest to all businesses that buy or lease cars or that sell or lease cars to other businesses. In the 2008 Pre-Budget Report, the government announced that the current capital allowance rules for 'expensive cars' and the associated rules that restrict deductions for expenditure on hire of 'expensive cars' are to be abolished; and replaced with new rules whereby the writing down allowances (WDA) and the restriction on deductions for expenditure on car hire are based on a car's carbon dioxide (CO2) emissions. Draft legislation was published in a technical note on 8 December 2008. The legislation has been amended in the light of comments received and the current draft also includes anti avoidance measures that were mentioned but not exposed in the technical note. For further commentart on the new draft legislation, see HMRC Brief 20/09.
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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 Thursday, 02 April 2009 | 1953 Hits |
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