02: What allowances are there?
Individuals, partnerships, companies and trusts can claim capital allowances for assets used in a trade, for property letting or in agriculture. The most important allowances are for plant and machinery and for industrial buildings. Allowances are also available for:- Agricultural buildings
- Conversion of residential flats over commercial property
- Research and development
- Patent rights and know-how
- Mineral extraction, cemeteries and crematoria and dredging.
- Renovation of qualifying business premises in disadvantaged areas.
Allowances are normally given as a deduction in calculating trading profits or the profits of a property letting business.
