INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

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Lovell Consulting Commentary on November 2018 Budget: Capital Allowances Changes

By : November 19, 2018 Comments Off on Lovell Consulting Commentary on November 2018 Budget: Capital Allowances Changes

There were some significant and surprisingly positive changes to capital allowances. Up until this Budget, Mr Hammond has been about as useful as a chocolate teapot for investment allowances. Assuming that the present Government remains in power and Finance Bill 2019 is enacted there will be some positive outcomes for capital investment in the UK. […]

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Capital Allowances Plant and Machinery in a Civil Engineering Context

By : October 3, 2018 Comments Off on Capital Allowances Plant and Machinery in a Civil Engineering Context

SSE GENERATION LIMITED V THE COMMISSIONERS FOR HMRC FIRST TIER TRIBUNAL TAX CHAMBER   This is the first significant capital allowances case since IRC v Barclay, Curle & Co Ltd [1969] where expenditure on capital allowances has been considered for civil engineering type expenditure. Of particular interest is just how far apart the two parties […]

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The Lazarus Impact – Making Very Late Capital Allowances Claims

By : July 5, 2018 Comments Off on The Lazarus Impact – Making Very Late Capital Allowances Claims

A pub company has succeeded in making a very late capital allowances claim. The First Tier Tax Tribunal has decided that there really is life after death and in the case of Dundas Heritable v HMRC (2018) where a late claim made for capital allowances has been allowed despite normal time limits not being followed. […]

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OTS – Report on Proposed Capital Allowances Simplification

By : June 22, 2018 Comments Off on OTS – Report on Proposed Capital Allowances Simplification

The long awaited report by the Office of Tax Simplification (OTS) into the proposed simplification of capital allowances was published on the 15th June 2018.  It extends to 88 pages but concludes that whilst an accounts based depreciation system would be attractive, the benefits gained would be completely outweighed by the disruption suffered by businesses […]

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