Consultation on business tax reform

The consultation document outlines the package of reforms and seeks feedback from business on three new elements of the capital allowances regime: - The annual investment allowance - The definition of 'integral fixtures' to be assigned to the 10 per cent pool - Payable enhanced capital allowances for environmentally beneficial investment. Launching the consultation, Kennedy said: “The 2007 Budget firmly underlined the Government's ongoing commitment to provide the best possible environment for business, and to maintain a modern and competitive business tax regime, which promotes investment, innovation and growth, and continues to reflect the realities of modern business. “The consultation document I am launching today will provide the opportunity for business to shape these proposals in advance of legislation next year.”