New Tax Relief on the Cost of New Farm Buildings
In the Budget the Chancellor announced that there will be a new Structures and Buildings Allowance for the cost of new commercial buildings after 29 October 2019. The tax relief will be 2% of the cost per year for 50 years.
Clearly 2% is a low % but it is a lot higher than the previous 0% and is at least some help to reduce the cost of essential new farm building infrastructure.
For more information on the new allowance or to talk to one of our experts, please contact us on 01633 871122.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.