>The erection and refurbishment of farm buildings is now more financially viable following the announcement of a new Structures and Buildings Allowance (SBA) in the Autumn Budget 2018. >Rural Surveyor, Roger Parry & Partners, say the allowance will make a significant difference to farm investment by allowing landowners to offset 2% of the building cost against income tax or corporation tax each year, for the next 50 years. >Although the tax saving in itself is not a huge incentive, Roger Parry & Partners believe that, combined with improved building efficiencies, it may be enough to tip the balance when farmers are looking to update their infrastructure. >Richard Corbett, Partner in Roger Parry & Partners’ Oswestry office said, “Alongside the increase in the annual investment allowance, to £1m/year, this is the biggest thing to come out of the Budget. Since the Government abolished the agricultural buildings allowance in 2011 there has been no tax relief available on new farm buildings, so this is an exciting change.” >The SBA applies to the erection or refurbishment of commercial buildings from 29 October 2018. Where contracts have been signed or work commenced before 29 October 2018, the SBA will not be available, although it may be possible to claim partial eligibility, if one contract has been signed covering the structure, but another is yet to be agreed for the concrete, for example. >The allowance covers commercial offices, storage and livestock buildings – whether for the landowner’s own use or rental – and also applies to structures including walls, bridges and tunnels. In addition, the SBA covers the cost of necessary demolition and land alterations, although not the cost of the land or obtaining planning permissions. Residential dwellings are also excluded. >Richard said, “As ever there is plenty of small print with this new allowance. Our team of experts are on hand to guide you through the whole process from the initial idea, to the application for the allowance, to the planning stage.” >If you need our assistance please call one of our offices: Oswestry: 01691 655334. Minsterley: 01743 791336. Welshpool / Llanidloes: 01938 554499. Carmarthenshire: 07498 717778.