Capital Allowances: HMRC Clutching Straws on a Grain Storage Structure

By : Julie Davies February 13, 2019 Comments Off

HMRC clutching straws on a grain storage structure :

Stephen May and another v HMRC [2019] UKFTT 32 (TC)

Overview

There has been a capital allowance case to determine whether a facility for drying, conditioning and storage of grain is a “silo provided for temporary storage” within the meaning of Capital Allowances Act […]

Capital Allowances Prevent Nightmare Tax Levels

By : Julie Davies October 31, 2018 Comments Off

Capital Allowances Plant and Machinery in a Civil Engineering Context

By : Julie Davies October 3, 2018 Comments Off

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 […]

The Lazarus Impact – Making Very Late Capital Allowances Claims

By : Julie Davies July 5, 2018 Comments Off

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.

The […]

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OTS – Report on Proposed Capital Allowances Simplification

By : Julie Davies 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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Capital Allowances on Commercial Property & Property Transactions

By : Julie Davies December 19, 2017 Comments Off on Capital Allowances on Commercial Property & Property Transactions

What are Capital Allowances?

Capital allowances (CAs) are a form of UK tax relief for businesses that incur qualifying capital expenditure on their commercial properties for use as part of their trade. Qualifying capital expenditure includes but is not limited to plant, machinery and business vehicles, in which the costs of assets may be eligible to […]

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OTS Review on Capital Allowances and Accounts Depreciation

By : Julie Davies October 12, 2017 Comments Off on OTS Review on Capital Allowances and Accounts Depreciation

John Lovell is interviewed by Lexis Nexis: 4 October 2017

First published by Lexis Nexis

John Lovell, Managing Director at capital allowances specialists Lovell Consulting, outlines the recent review by the Office of Tax Simplification (OTS) regarding replacing capital allowances with accounts depreciation. He explains that while there are […]

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20 Years of Capital Allowances

By : Julie Davies September 13, 2017 Comments Off on 20 Years of Capital Allowances

Lovell Consulting are celebrating providing 20 years of capital allowances advise.

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Pension Funds and Capital Allowances Interactions

By : Julie Davies May 18, 2017 Comments Off on Pension Funds and Capital Allowances Interactions

There is a commonly held view that as UK pension funds are tax exempt they are unable to benefit from the tax savings arising from capital allowances. For this reason capital allowances have generally been ignored by pension entities. There is also some confusion with property lawyers and advisors in this area and this article […]

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Lexis Nexis Webinar – Capital Allowances in 2017

By : Julie Davies May 9, 2017 Comments Off on Lexis Nexis Webinar – Capital Allowances in 2017

Capital allowances are a significant element of any commercial property transaction, and as such there is much about the subject that is of relevance in general practice. In this webinar, John Lovell and Kirsty Palacci will discuss many of these issues, providing lawyers and accountants without a specialism in real estate everything they might need […]

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Technical Resources