TOLLEY’S CAPITAL ALLOWANCES 2014-2015
By Kevin Walton and David Smailes
ISBN: 978 0 75454 913 0
CURRENT AND COMPREHENSIVE GUIDANCE ON CAPITAL ALLOWANCES – NOW IN A NEW 27TH EDITION FROM TOLLEY’S
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Like all reliable books on tax, ‘Tolley’s Capital Allowances 2014-15’ aims primarily to provide practitioners and tax payers alike with advice and guidance on maximizing tax savings; in this case -- savings on capital allowances. Published annually by LexisNexis, the book is now going into its twenty-seventh edition, having demonstrably established its reputation and value over the years.
Comprehensive and practical, it brings together in a single convenient volume the law and practice pertaining to capital allowances, thereby shedding considerable light on a number of related problem areas.
The most obvious of these, as the authors remind us, is that under the UK direct tax system, the present capital allowance legislation presents an exception to the general principle that capital expenditure is not allowable in computing taxable income.
What this book achieves is to clear up the confusion that can – and does – result from this apparent paradox. In fact, allowances are available for expenditure under a range of categories which are explained in detail. These include plant and machinery, renovation of business premises, research and development and a lot more.
Note here that a particularly handy feature of the book is an alphabetized list (Appendix 1) of what exactly qualifies as ‘plant and machinery’, which by the way, is the most common allowance. The list ranges from advertising signs to loose furniture, window mannequins and zoo cages!
Further advice on plant and machinery in buildings, together with related issues, is provided in Chapter 10 by capital allowances specialist Heather Britton who, in Chapter 18, has also written general guidance on planning principles for capital allowances.
In this new and completely updated edition of this highly regarded text, you will find the latest information on capital allowances up to 1 July 2014, including the provisions of Finance Act 2014. New material also includes the temporary increases in the annual investment allowance to £500,000… new restrictions on allowances for renovations... and changes to the mineral extraction code.
As the subject matter tends to be quite abstruse, the authors Keith Walton and David Smailes have helpfully designed the book for ease of use – a distinct advantage for practitioners under pressure, who will also appreciate the large number of worked examples available throughout the text, the numbered paragraphs throughout and the detailed table of contents and index. Also note the extensive table of statutes and the alphabetical table of cases, plus the handy list of abbreviations and references.
The journal ‘Accounting’ has pointed out that ‘there are few existing publications on the subject and none as current or as comprehensive as this.’ Practitioners as well as accountants – and anyone advising on this area of revenue law will certainly benefit from the purchase of this book.