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.
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