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Finance Bill Announces Abolition of Property Based Capital Allowances
The Finance Bill was published on 21 January 2011. It implements the measures announced in the Budget on 7 December 2010 and more. Taxand Ireland highlights new measures introduced at Finance Bill stage and revisits some previously announced changes.
One of the more controversial measures announced on Budget Day was the abolition of property based capital allowances. After heavy lobbying, the Minister has provided in the Finance Bill that the new measures will take effect at the earliest in 2012 and, in any event, following the publication of an economic impact assessment on the proposed changes. This issue is now being pushed into the realm of the next government. This will be a welcome relief to property owners.
There are further changes to be introduced at later stages of the Finance Bill such as taxation of bank bonuses and tax treatment of civil partners.
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