251-300 Anti-avoidance: realisation of capital value
Industrial Building Allowances were abolished from 1 April 2011 for corporation tax purposes and 6 April 2011 for income tax purposes (FA 2008, s. 84 and Sch. 27). The commentary below explains the rules as they applied before they were repealed.
The chance to obtain a full write-off for tax purposes of substantial capital expenditure is an attractive prize. It follows that HMRC will be particularly sensitive to any abuses of the system.