INDEPENDENT CAPITAL ALLOWANCES VALUERS

Blog image

Lexis Nexis Webinar – Capital Allowances 2021

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

Read more
Blog image

Capital Allowances – Brought back down to Earth

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 […]

Read more
Blog image

Capital Allowances Case

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 […]

Read more
Blog image

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

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 […]

Read more
Blog image

Freeports & Capital Allowances – Boosting the Economy Through Investment

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, […]

Read more
Blog image

Capital Allowances Fact Sheet – Offices

Both owners and occupiers of office buildings can claim substantial capital allowances but this opportunity is often missed. This can be due to confusion over the capital allowances rules changes or because non-specialist solicitors, accountants and tax advisors do not recognise the full potential of available allowances. Frequently, construction cost information can be unhelpful and […]

Read more
Blog image

Capital Allowances Article: Revenue or Capital – A Concrete Decision

Steadfast Manufacturing and Storage Limited (SM&S) successfully appealed against HMRC for a revenue amendment of £13,428.20 for the accounting period ending 31 October 2015. The appellants also appealed a consequential amendment of £1,489.80 for the accounting period ended 31 October 2014. The amount initially disputed by HMRC related to expenditure incurred on a yard used […]

Read more
Blog image

Unlocking Cash – How to Maximise Through Capital Allowances

When businesses suffer catastrophic blows to their cashflow, as many are
experiencing now, it is important to explore every opportunity there is to
raise cash.

Claiming capital allowances provides such an opportunity.

Amending Tax Returns to Claim
Historic Expenditure and Reduce Tax Payable Now

Reducing tax bills is an easy way to retain cash and it is vitally
important now to maximise […]

Read more
Blog image

Lovell Consulting Commentary on March 2020 Budget: Capital Allowances Changes

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. […]

Read more