The Spring Statement, delivered in March by Philip Hammond, included an update and open consultation on Structures and Buildings Allowance (SBA).

The relief is available for new commercial structures and buildings – and will also be available where an existing structure or building has been improved or against the cost of renovating existing structures and buildings.

The amount of relief available is limited to the initial cost of building or renovation and can be provided over a fifty-year period at a flat rate of 2%. Only some expenses will qualify for the relief, and the structures or buildings must be used for qualifying purposes, such as trades, professions, vocations and some UK or overseas property businesses or commercial lettings.

The Structures and Buildings Allowance, introduced 29 October 2018, is available to support businesses investing in the UK. The allowance aims to encourage the development of new structural assets and to provide tax relief.

The consultation on draft legislation was open until 24 April 2019.