Tax Relief For Concrete Panels

At JP Concrete, we’re big fans of anything that can save on tax and we love selling our precast concrete products. So the news that concrete structures can bring tax relief to farmers in the UK has been music to our ears! But what are the ins and outs? We’ll try and explain in a non-jargony nutshell.

 

How it works

Since the abolition of Agricultural Building Allowance, it’s been tough for farmers to justify any spending on new agricultural buildings. However, although buildings themselves can no longer be claimed for, other agricultural structures (such as slurry stores and silage clamps) can.

Farmers can also claim tax relief for alterations to existing buildings, repurposing them or increasing their value to the overall running of the farm. This is all thanks to Annual Investment Allowances (AIAs).

 

What does it mean?

These tax laws can vary on a case-by-case basis but basically, the assets that fall under these tax relief laws can’t be machinery or an integral part of a building, so this should allow farmers to claim capital allowances for concrete panels, freestanding walls and concrete retaining walls. As long as you can argue that the structure is separate to the building and are technically ‘moveable’, they should be covered.

 

A taxing matter

Now tax is a complicated subject and every case should be looked at individually. But if you’re involved in agriculture and are looking to expand or alter your buildings, it’s worth reading up on the new AIA laws and making sure that you can claim as much tax relief as possible.

We’re not Accountants but we are industry specialists, so if you want to talk through your project and get a second opinion, we’re all ears. If our precast concrete products can help you to save cash, we’ll certainly tell you! For tax advice and the latest advice you should speak to your Accountant.

If you want to read a more detailed analysis of what’s going on, we think this article (Source: ICAEW) is pretty good.