In his first Budget as Chancellor, Rishi Sunak focused on the UK’s economic response to coronavirus COVID-19 and increases in public spending. There were limited changes from a Real Estate perspective, with the following highlights:
Structures and buildings allowance increases to 3%
The rate of structures and buildings allowance (SBAs), a form of capital allowance for costs incurred in the construction or renovation of commercial property, will be increased to 3% from 1 April 2020. Broadly, SBAs are available over a 50-year period on new commercial property where expenditure was incurred, and works began, on or after 29 October 2018.
Conygar Investment Company PLC (LON:CIC) is an AIM quoted property investment and development group dealing primarily in UK property.