TGE Urges Uptake Of Business Tax Allowance For Renewables
Renewable energy specialist, TGE Group, is urging businesses to take advantage of a 100% increase in tax allowances for renewable installations between April 2014 and December 2015.
Businesses installing a range of energy efficient products, including solar PV, biomass, heat pumps and low energy lighting, can claim up to £500,000 capital expenditure against profits, up to December 2015, when it will be dramatically reduced to £25,000 per annum. Most commercial renewable systems will qualify for this Annual Investment Allowance (AIA) with 100% allowance up to the expenditure limit and thereafter an 8% Writing Down Allowances (WDA).
"The government wants to encourage businesses to invest," explains TGE Group Managing Director, Rupert Higgin. "This generous tax allowance period should be grabbed by any company considering a renewable investment, even if this means bringing plans forward by 12 months. The offer is particularly valuable for technologies such as solar PV that are not eligible for Enhanced Capital Allowances (ECA). Unlike ECAs, businesses that claim the AIA will still be able to claim the FiT and RHI, taxable incentives paid on the energy produced by renewable power and heat installations."
