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

By : Julie Davies April 2, 2015 Comments Off

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 […]

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

By : Julie Davies April 2, 2015 Comments Off

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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Capital Allowances Case Update – The Granleys

By : Julie Davies February 14, 2014 Comments Off on Capital Allowances Case Update – The Granleys

A recent capital allowances decision highlights the importance of establishing the tax history for purchased properties The Granleys v Commissioners for HMRC (TC01231). It also demonstrates the need to use capital allowances specialists with experience in both tax and surveying.

Background

The Granleys, a partnership, acquired a care home in December 2003 for £650,001.
Within […]

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Capital Allowances on Furnished Holiday Lets

By : Julie Davies February 14, 2014 Comments Off on Capital Allowances on Furnished Holiday Lets

DREAM TAX BREAKS

Your holiday home in Europe may qualify for substantial tax repayments.

Leading real estate tax specialists Lovell Consulting explains.

Few property owners are aware of this generous treatment for new and second hand residential properties.
If you have bought a furnished residential property anywhere in the European Economic Area in the last ten years or […]

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Capital Allowances Case Update – Wetherspoon

By : Julie Davies January 20, 2012 Comments Off on Capital Allowances Case Update – Wetherspoon

Summary of J D Wetherspoon Upper Tribunal – January 2012

The Upper Tribunal published a decision on 31 January 2012 in relation to the fit out of J D Wetherspoon (JDW) pubs. This follows on from the First Tier Tribunal’s decision published in December 2009 and the original Special Commissioner’s decision in December 2007. The […]

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