Private Rented Sector (PRS) & Capital Allowances: Key Planning Points

By : Julie Davies July 20, 2015 Comments Off

Private Rented Sector (PRS) & Capital Allowances

Capital allowances and contaminated land can have a significant impact on the financial viability of PRS projects. Lovell Consulting are actively involved in several PRS projects. This note sets out the key capital allowances planning points.

Site Acquisitions potential tax allowances

Where a site is purchased with existing buildings may contain […]

Drafting For Purchase Contracts And CPSE Capital Allowances Responses

By : Julie Davies July 15, 2015 Comments Off

Since April 2014 the legislation has been substantially tightened for capital allowances when buying commercial property.

The allowances can be significant and often represent around 10%-25% of the purchase price of the property. There are standard Commercial Property Standard Enquiries (CPSEs) for use by the property lawyers, intended to establish the extent of any allowances available […]

The Benefits of Claiming Annual Investment Allowances

By : Julie Davies July 7, 2015 Comments Off

Benefits of Claiming Annual Investment Allowances

The Government has tried to incentivise business to accelerate investment in plant and machinery. It has done this by introducing an Annual Investment Allowance (AIA). Capital allowances are normally given over time. The AIA enables all the allowances to be accelerated in 1 year, up to an AIA annual limit. […]

The New Environment For Capital Allowances

By : Julie Davies June 17, 2015 Comments Off

The new environment for capital allowances.

Why specialist help is essential.

Introduction

In the present environment tax planning has become very political. One area that successive UK governments have encouraged is the claiming of capital allowances.

Businesses are overlooking millions of pounds worth of tax allowances and your clients are likely to be among them. The reason the majority […]

Capital Allowances – Demolition Costs

By : Julie Davies May 20, 2015 Comments Off

Capital Allowances: Demolition Costs

The costs of demolition may qualify for capital allowances in accordance with Section 26 CAA2001. No capital allowances are available for the costs relating to demolishing building structure, i.e. concrete, steelwork. However the costs relate to demolishing plant and machinery is deemed to be qualifying for capital allowances. The costs of the […]

Capital Allowances – Asbestos Removal

By : Julie Davies May 7, 2015 Comments Off

Asbestos was extensively used in many building materials; therefore large quantities of asbestos still remain in buildings that were built prior to the restriction of asbestos use. These materials represent one of the most significant occupational health risks in the UK.

Control of Asbestos at Work Regulations 2002, Regulation 4 places a specific legal duty on […]

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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