The annual investment allowance (AIA) allows you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1 January 2019 to 31 December 2021. It will return to its permanent level of £200,000 from 1 January 2022. This means that time is running short to take advantage of the higher limit. But, be warned, there are traps to be avoided.
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The Adjudicators Office (AO) is a little known but powerful government department independent of HMRC. Its remit is to rule on whether HMRC have handled a complaint ‘appropriately and given a reasonable decision’ however, their work is restricted to the following specific types of complaints:
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When an asset is placed within a trust it is termed as being ‘settled’. However, the tax legislation defines the word ‘settlement’ widely as including ‘any disposition, trust, covenant, agreement, arrangement or transfer of assets’. Therefore a ‘settlement’ situation may present itself within owner managed companies when a shareholder (or associate of a shareholder) enters into an ‘arrangement’ of diverting income one to another, resulting in a tax advantage.
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