Budget 2007

• Writing down allowance ¹
  • restricted to £3,000 per annum for cars costing over £12,000, other than those with low emissions

• First year allowances
  • Small enterprises ²

• qualifying expenditure between 1 April 2006 and 31 March 2007 for enterprises subject to corporation tax

• qualifying expenditure between 6 April 2006 and 5 April 2007 for other enterprises

• Small and medium sized enterprises ³

• All enterprises ³

• designated energy saving plant and machinery

• expenditure pre 1 April 2008 on new electric cars and low carbon dioxide emission cars

• expenditure pre 1 April 2008 on refuelling equipment for vehicles using natural gas or hydrogen fuel

• environmentally beneficial plant and machinery

• plant used in oil extraction trade

• Writing down allowance¹

• expenditure not over £100,000 per annum

• expenditure on assets in dwellings, shops, showrooms, hotels and offices

• expenditure over £100,000 per annum

• First year allowance

• Writing down allowance¹

• Writing down allowance
  • to be phased out over four years
    
  • no balancing adjustments in respect of balancing events occurring post 20 Mrch 2007

• Initial allowance

• Writing down allowance

• Initial allowance
  

• Writing down allowance¹
  - on renovation or conversion of space above commercial premises to provide flats to rent

• writing down allowance¹
  -not applicable to acquisitions by companies

• First year allowance oil extraction trade

• Writing down allowance mineral asset acquisition¹

• Writing down allowance other qualifying expenditure¹

• Initial allowance

• Writing down allowance¹

• Expenditure post 10 April 2007

• Small and medium sized enterprises (SME)

• Large companies

• Loss making SMEs can surrender deduction for a payment of 16% of the amount surrendered (subject to conditions)

Remediation of contaminated land

• Loss making companies can surrender deduction for a payment of 16% of the amount surrendered (subject to conditions)

Intangible assets (including intellectual property and goodwill)

• relief for companies for expenditure on creation, acquisition and enhancement of intangible assets
• based on accounts amortisation or
• by election at a fixed rate of 4% per annum