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Lawyers Should Seek Specialist Capital Allowances Advice

By : Julie Davies July 1, 2015 Comments Off

John Lovell of Lovell Consulting , interviewed by Melissa Moore of LexisPSL Property, reflects on how changes to the Finance Act in April 2014 have affected real estate transactions.

Why are capital allowances important to property clients and their lawyers?

Businesses are overlooking millions of pounds worth of tax allowances. Commercial property owners may be failing […]

The New Environment For Capital Allowances

By : Julie Davies June 17, 2015 Comments Off

The new environment for capital allowances.

Why specialist help is essential.

Introduction

In the present environment tax planning has become very political. One area that successive UK governments have encouraged is the claiming of capital allowances.

Businesses are overlooking millions of pounds worth of tax allowances and your clients are likely to be among them. The reason the majority […]

Capital Allowances – Demolition Costs

By : Julie Davies May 20, 2015 Comments Off

Capital Allowances: Demolition Costs

The costs of demolition may qualify for capital allowances in accordance with Section 26 CAA2001. No capital allowances are available for the costs relating to demolishing building structure, i.e. concrete, steelwork. However the costs relate to demolishing plant and machinery is deemed to be qualifying for capital allowances. The costs of the […]

Capital Allowances – Asbestos Removal

By : Julie Davies May 7, 2015 Comments Off

Asbestos was extensively used in many building materials; therefore large quantities of asbestos still remain in buildings that were built prior to the restriction of asbestos use. These materials represent one of the most significant occupational health risks in the UK.

Control of Asbestos at Work Regulations 2002, Regulation 4 places a specific legal duty on […]

Capital Allowances Case Summary: Bowerswood House Retirement Home

By : Julie Davies April 20, 2015 Comments Off

Capital Allowances Case Summary: Bowerswood House Retirement Home v HMRC [2015]

Release Date: 26 January 2015

Overview

Whether a swimming pool enclosure is plant and the appropriate basis of apportioning the purchase price to qualifying plant and machinery for capital allowances purposes.

The FTT found the enclosure was not plant. They also found the apportionment formula is a […]

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Property Tax Case Summary: Terrace Hill (Berkeley) Ltd: Impact for Capital Allowances

By : Julie Davies April 2, 2015 Comments Off on Property Tax Case Summary: Terrace Hill (Berkeley) Ltd: Impact for Capital Allowances

Property Tax Case Summary: Terrace Hill (Berkeley) Ltd v HMRC [2015]

Release Date: 12 February 2015

Overview

Whether a property developer held a property development as trading or investment.

It was held by the First-Tier Tax Tribunal that the property was an investment and not trading stock. This was due to the intention of the Appellant when […]

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Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments

By : Julie Davies April 2, 2015 Comments Off on Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments

Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments Ltd v Revenue & Customs [2015]

Release Date: 04 March 2015

Overview

Whether a former church is a qualifying building for the purposes of BPRA.

The FTT found that church was a qualifying building for BPRA as it had last been used as a “trade, profession or vocation” under […]

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Recent Capital Allowances Case Study

By : Julie Davies March 11, 2015 Comments Off on Recent Capital Allowances Case Study

Client purchases offices for £10m and spends £16m on refurbishment

Claim made for Enhanced Capital Allowances (ECA) of £0.5m – qualifies for 100% first year allowances. This flows through to a £0.1m tax saving

HMRC query the eligibility of the light fittings claimed as ECAs

Lovell Consulting involvement:

Additional £3m allowances identified on plant installed within the property as […]

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Capital Allowances Case Summary – Rogate Services

By : Julie Davies January 12, 2015 Comments Off on Capital Allowances Case Summary – Rogate Services

Capital Allowances Case Summary: Rogate Services Limited v HMRC [2014]

Release Date: 25 March 2014

Overview

Whether expenditure on constructing a Car Valeting Bay is plant.

It was held by the First-Tier Tax Tribunal that the valeting bay was not plant. The building does not perform a function, it was a place of work which does not amount […]

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Capital Allowances Case Summary – LLPs and AIA

By : Julie Davies September 26, 2014 Comments Off on Capital Allowances Case Summary – LLPs and AIA

Tax Case Summary: Drilling Global Consultant LLP v HMRC [2014]

Release Date: 11 September 2014

Overview

Whether an LLP, whose members are an individual and a limited company is a qualifying person entitled to claim the annual investment allowance (AIA) within the meaning of s38A(3)of CAA2001.

It was held by the First-Tier Tax Tribunal that a mixed LLP, […]

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