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 […]
Read moreCapital 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 […]
Read moreTax 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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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 […]
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 […]
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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