Lovell Consulting Commentary on March 2020 Budget: Capital Allowances Changes

By : Julie Davies March 18, 2020 No Comments

The Chancellor, Rishi Sunak’s ‘get it done’ approach did not really extend to capital allowances. There was a modest lift to Structures and Buildings Allowances.

The capital allowances changes are below:

The Structures and Buildings Allowances was introduced in Finance Act 2019 to encourage the construction of new or renovation of existing non-residential structures and buildings. […]

MBL Webinar – Capital Allowances – Hotels, Restaurants & Office Buildings

By : Julie Davies March 5, 2020 No Comments

Introduction

Since April 2017 there have been restrictions for deducting interest where bank interest exceeds £2m/annum. This makes the full claiming of allowances for UK entities even more important.

From April 2019 overseas owners of UK commercial properties are subject to CGT and from April 2020, all non-resident landlords will be subject to corporation tax.

This webinar aims […]

Urenco V HMRC Capital Allowances Tax Tribunal

By : Julie Davies January 9, 2020 No Comments

Overview

There has been a recent
First-Tier Tribunal (FTT) case on whether Urenco (Appellant) is entitled to
claim capital allowances in respect of the disputed expenditures on the
construction of Tails Management Facility (TMF) at a nuclear site. Total
project cost is circa £1bn. Most of the expenditure qualifying for capital
allowances has been agreed. However, HMRC (Respondent) contends disputed
expenditures of […]

Season’s Greetings from the Busy Capital Allowances Elves

By : Julie Davies December 11, 2019 No Comments

Capital Allowances Article: How to Handle the Structures and Buildings Allowance

By : Julie Davies December 4, 2019 No Comments

Capital Allowances Case: SSE Generation Limited v The Commissioners for HMRC

By : Julie Davies December 3, 2019 No Comments

UPPER TIER TRIBUNAL TAX CHAMBER

There have been a run of cases heard before the courts
relating to civil and structural works, with debate about what constitutes a
structure as opposed to plant.

In August 2019, the FTT heard The Cheshire Cavity Storage 1
Limited v Anor case. This concerned a
taxpayer who operates gas storage facilities and created […]

Underground Gas Storage Cavities & Capital Allowances

By : Julie Davies November 20, 2019 No Comments

CHESHIRE CAVITY STORAGE 1 LIMITED and EDF ENERGY (GAS STORAGE HOLE HOUSE) LIMITED V HMRC [2019]

FIRST TIER TRIBUNAL TAX CHAMBER (FTT)

Background

Both
appellants were companies in the EDF Energy PLC Corporate Group and they
operate gas storage facilities on adjoining site is Cheshire. The Companies
used underground cavities filled with brine to store gas and incurred costs […]

Capital Allowances – Furniture, Fixtures and Equipment Expenditure

By : Julie Davies November 6, 2019 No Comments

Capital Allowances – Keeping track of accounts coded Furniture, Fixtures and Equipment expenditure – Be careful!

Typically, Accountants recognise the potential to claim
allowances on accounts coded Furniture, Fixtures and Equipment (FF&E). This
is normally for directly paid invoices for equipment where the invoice
descriptions are clear and unambiguous. These are normally identified in the
commercial accounts and coded […]

HMO Lettings & Capital Allowances

By : Julie Davies October 28, 2019 No Comments

HORA TEVFIK V THE COMMISSIONERS FOR
HER MAJESTY’S REVENUE & CUSTOMS

FIRST TIER TRIBUNAL TAX CHAMBER (FTT)

Claiming capital allowances on Homes of Multi Occupancy (HMO)
has long been a hot potato, with confusion surrounding what is deemed to be
within a residential dwelling and what is not. To clear up any misconceptions,
in recent […]

Celebrating 22 years of Lovell Consulting, ‘It seems like yesterday’

By : Julie Davies October 8, 2019 No Comments

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