Webinar – Squeeze the Tax with Capital Allowances

By : Julie Davies April 27, 2022 No Comments

Lovell Consulting’s complimentary webinar outlines tax refunds available by reviewing historical construction expenditure and commercial property purchases. To subscribe click here

Budget Announcement – Capital Allowances

By : Julie Davies October 27, 2021 No Comments

Rishi Sunak has announced a welcome extension of the Annual Investment Allowance (AIA). The Annual Investment Allowance was due to reduce from £1m to £200k from 1 January 2022. However, the £1m amount has now been extended until 31 March 2023.

In addition, the Freeport sites Humber, Teeside and Thames Freeport will be designed tax sites […]

Capital Allowances: Research and Development Tax Case

By : Julie Davies October 18, 2021 No Comments

Recent Research and Development (R&D) Tax Case Implications for Capital Allowances Claims

Appeal Number: TC/2019/06690

Grazer Learning Limited appealed against HMRC for a tax credit enquiry amounting to £26,050 regarding expenditure incurred on R&D for the accounting period ending 31 October 2017. The £26,050 was initially accepted and paid to the Appellant on 6 June […]

Update on BPRA Case – Upper Tier Tribunal

By : Julie Davies August 11, 2021 No Comments

LONDON LUTON BPRA PROPERTY FUND LLP V THE COMMISSIONERS FOR HMRC

Following the decision reached by the First Tier Tribunal (FTT) that a significant amount of costs incurred by London Luton BPRA Property Fund LLP (Fund) to OVL (developer) ‘in connection with’ the conversion of a disused flight training centre into a hotel qualified for BPRA, […]

Webinar Recording – Capital Allowances Led Recovery

By : Julie Davies August 3, 2021 No Comments

Our latest webinar recording is available to watch below. Our webinar outlines tax refunds available by reviewing historical construction expenditure and commercial property purchases and the relaxation to apply Super capital allowances to property companies https://www.youtube.com/watch?v=dH_0uAqMgEk

Lexis Nexis Webinar – Capital Allowances 2021

By : Julie Davies June 8, 2021 No Comments

In this webinar, specialist speakers John Lovell and Kirsty Palacci will provide a masterclass in capital allowances.

The Webinar will cover:

Capital allowances in contextChanges in the 2021 BudgetSuper capital allowancesConstruction/Expenditure ClaimsPurchased Properties ClaimsFreeportsCommon misconceptionsStructures and Buildings Allowance

To view the preview video and subscribe to Lexis Nexis Webinars please click here

Capital Allowances – Brought back down to Earth

By : Julie Davies June 3, 2021 No Comments

Capital Allowances denied on satellite launch costs

Overview

The First-tier Tribunal (FTT) and Upper Tribunal (UT) both found in favour of HMRC in denying Inmarsat Global Limited capital allowances on the launch costs of six leased satellites during the 1990s. Inmarsat had succeeded the trade of The International Maritime Satellite Organisation (IMSO), who had initially incurred the […]

Capital Allowances Case

By : Julie Davies April 7, 2021 No Comments

Cheshire Cavity Storage 1 Limited & EDF Energy (Gas Storage Hole House) Limited v The Commissioners for HMRC

A recent case heard by the Upper Tier Tribunal (UTT) follows a trend of capital allowances claims being taken to Court where the disagreement between taxpayers and HMRC revolves around what is deemed to be plant (and so qualifies […]

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

By : Julie Davies February 16, 2021 No Comments

PLANT AND MACHINERY IN A CIVIL ENGINEERING CONTEXT

The long running dispute between the taxpayer (SSE Generation Limited) and HMRC in relation to what constitutes plant in the context of a hydroelectric power plant and civil engineering project has reached a conclusion in the Court of Appeal.

The case had previously been heard through the First […]

Freeports & Capital Allowances – Boosting the Economy Through Investment

By : Julie Davies November 17, 2020 No Comments

As part of an ongoing consultation process, HMRC is considering the creation of Freeports across the UK. These Freeports will be located around air, sea and rail ports and will be governed by different customs and tariff status. Local authorities, operators of ports, airports and rail, and businesses will bid to create a designated Freeport, […]