Budget 2014 – Vehicles

Capital allowances on vehicles

No new announcements were made to the rates of capital allowances on cars which were just tweaked this time last year.

Dodd Angels Slide

 

To recap on the rates that will continue to be in place, cars emitting up to 130g/km will be eligible for the standard 18% writing down allowance.  So called high emission cars exceeding this limit will be entitled to just 8% writing down allowance.

An attractive option is the purchase of a qualifying low emission car.  Cars that are purchased brand new with emissions not exceeding 95g/km qualify for a 100% tax deduction in the year of purchase.

In most cases, vehicles qualifying as vans still remain the most tax efficient mode of business transport for both companies and unincorporated businesses.  With the availability of annual investment allowance (AIA) allowing you to claim 100% tax relief in the year of purchase, vans are still a very attractive purchase from a tax perspective.

 

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Nov 19

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