Section 198 and 199 elections on transactions involving real estate


Produced in partnership with Steven Bone of Gateley
Practice notes

Section 198 and 199 elections on transactions involving real estate


Produced in partnership with Steven Bone of Gateley

Practice notes
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FORTHCOMING CHANGE: At Spring Budget 2024, the previous Conservative government confirmed that it will publish draft capital allowances legislation for consultation to seek views on a potential extension of full expensing (ie the 100% first-year allowance for main rate plant and machinery assets) and the 50% first-year allowance for special rate assets to include plant and machinery assets for leasing. In addition, that government announced at Autumn Statement 2023 its intention to consult on the wider legislative implications of the introduction of these first-year allowances.

For more information, see News Analyses: Autumn Statement 2023—Tax analysis and Spring Budget 2024—Tax analysis.

Autumn Budget 2024, which was delivered by the current Labour government on 30 October 2024, included the following relevant developments:

  1. •

    commitments made in the Corporate Tax Roadmap 2024 to maintain, for the duration of the Parliament, the permanent full expensing allowances (ie the 100% first-year allowances for companies on qualifying new and unused main plant and machinery and the 50% first-year allowance for companies on qualifying new and unused

Steven Bone
Steven Bone

Director, Gateley

Steven is a tax-qualified chartered surveyor. He has specialised in capital allowances for more than 25 years, and more recently land remediation relief and R&D tax incentives. 

In his role as director at Gateley Capitus, Steven works with businesses that are buying, building or refurbishing commercial property, cleaning-up contaminated land and buildings or undertaking R&D activity to help them pay the right amount of tax by optimising the tax reliefs available to them.

Prior to joining Gateley Capitus, Steven held senior roles in the Big 4, specialist boutique and national mid-tier accountancy firms. He is a fellow of the Royal Institution of Chartered Surveyors (RICS) and the Association of Taxation Technicians.

Alongside daily practice, Steven is a tax incentives writer and speaker for property investment and innovation activity. 

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Transaction definition
What does Transaction mean?

The purchase, sale, subscription or underwiting of a particular investment

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