This Revenue & Customs Brief is of interest to all businesses that buy or lease cars or that sell or lease cars to other businesses.
Following consultation, at Budget 2009 the Government announced that the rules for capital allowances for cars and the associated rules restricting deductions for lease rentals were to be abolished and replaced by new rules from 1 April 2009 (for Corporation Tax purposes) or 6 April 2009 (for Income Tax purposes).
The Capital Allowances Manual and Business Income Manual are to be updated to reflect the new rules and the transitional arrangements. The draft guidance is being published with this brief for comment.
If you have any comments about this guidance, please contact Annie Carney or Sue Pennicott on 020 7147 2610 (email: Annie Carney or Sue Pennicott) before 12 February 2010.
CA20006 - PMAs: Introduction: Outline (PDF 112K)
BIM47700 - Specific deductions: travel & subsistence:
contents (PDF 79K)
Issued 9 December 2009
