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Haines Watts Hereford Phone icon 01432 273189

Barely a year goes by without some change to the capital allowances regime keeping businesses on their toes in order to maximise tax relief on plant and machinery purchases. The upcoming Budget may usher further changes resulting in some more buy now or buy later decisions.

I am particularly interested to see if the Government put forward any alternative to the soon-to-be abolished Enhanced Capital Allowances (ECAs) to incentivise businesses to make energy efficient purchases. ECAs allowed companies to write off the total cost of purchases from the Government approved Energy Technology List in the year of acquisition (without eroding their AIA) as well as provide a mechanism to claim a 19% tax credit if loss-making.

Although it was an administrative burden for many, the scheme was well intentioned and effective in inducing loss-making companies to make environmentally friendly decisions. The Industrial Energy Transformative Fund (IETF) was announced as a pseudo-replacement aimed at intensive energy users, but despite a consultation that took place late last year, we are still unsure how the £315m fund will be used to benefit businesses.

Hopefully Rishi Sunak’s first Budget will provide some clarification on the IEFT, or an alternative green incentive/mechanism for claiming a tax credit under the capital allowances scheme to incentivise loss making businesses?

All will be revealed, or not, on 11 March and I will be exploring the tax implications of the Budget at a breakfast seminar in Hereford on 13 March. Click here for more information.


Want to know more? Call us on 01432 273189 or email

About the author

Adam Spriggs

Adam began his career in London advising individuals and businesses on UK/US tax matters, before working for Grant Thornton and a local firm in South Wales focusing on advising OMB’s. More recently he helped grow an industry leading R&D tax consultancy team in London. Adam qualified as a Chartered Tax Advisor (CTA) in 2012 and joined Haines Watts in May 2019.

Adam prides himself on building long term relationships with the people he works with, understanding their short and long term plans and helping them understand their tax affairs more clearly as well as implementing effective planning strategies.

Adam is married with two sons and a daughter. Outside of work he enjoys going to the gym, spending time with his family and friends and going on holiday whenever the opportunity presents itself.

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