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Small Units (Tax Allowances)

Volume 13: debated on Thursday 26 November 1981

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asked the Chancellor of the Exchequer if he will provide further tax allowances for the conversion of former woollen textile mills to small units and to provide some flexible scale of allowances to enable developers to take into account both the structure of such buildings and the needs of small firms.

The small workshops allowance introduced in 1980 already provides an initial allowance of 100 per cent. for the capital cost of converting existing buildings for use as small industrial workshops with a gross internal floor area not exceeding 2,500 sq ft. The allowance applies for a period of three years—that is until 27 March 1983. Publication of the Government's forthcoming Green Paper on corporation tax will provide an opportunity to consider the scope of the capital allowances system generally.