The Lazarus Impact – Making Very Late Capital Allowances Claims

By : Julie Davies July 5, 2018 Comments Off

A pub company has succeeded in making a very late capital allowances claim. The First Tier Tax Tribunal has decided that there really is life after death and in the case of Dundas Heritable v HMRC (2018) where a late claim made for capital allowances has been allowed despite normal time limits not being followed.

The […]

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Capital Allowances within Commercial Sale and Purchase Contracts

By : Julie Davies December 19, 2017 Comments Off on Capital Allowances within Commercial Sale and Purchase Contracts

The benefits and importance of capital allowances in commercial sales and purchases has been well publicised, but did you know the relief also needs to be considered in some residential and landlord and tenant matters? Sophie Raniwala explains

Tax has never been more political. As tax schemes become less palatable, capital allowances become even more attractive, providing a […]

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Pension Funds and Capital Allowances Interactions

By : Julie Davies May 18, 2017 Comments Off on Pension Funds and Capital Allowances Interactions

There is a commonly held view that as UK pension funds are tax exempt they are unable to benefit from the tax savings arising from capital allowances. For this reason capital allowances have generally been ignored by pension entities. There is also some confusion with property lawyers and advisors in this area and this article […]

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Capital Allowances and Demountable Partitions; To Move or Not to Move?

By : Julie Davies March 21, 2017 Comments Off on Capital Allowances and Demountable Partitions; To Move or Not to Move?

It is no secret that claiming Capital Allowances on plant and machinery expenditure can be a complicated business. While claiming allowances on business equipment such as computers and chairs is straightforward, fully maximising a Capital Allowances claim on fit outs and property purchases is fraught with complexities.

Even seemingly the most basic question doesn’t have a […]

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Capital Allowances, Trustees and Tax Havens

By : Julie Davies February 8, 2017 Comments Off on Capital Allowances, Trustees and Tax Havens

Capital Allowances, Trustees and Tax Havens – Time to Act Now

Capital allowances are available when taxpayers incur expenditure on buying, building or refurbishing commercial property and the tax benefits can be significant. It is a non contentious way of reducing a tax bill but in our experience is frequently overlooked. Many property owners holding UK […]

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Interview: A Little Capital Allowances Knowledge Can Be Dangerous

By : Julie Davies February 2, 2017 Comments Off on Interview: A Little Capital Allowances Knowledge Can Be Dangerous

e have come across a number of situations where non-specialist solicitors, accountants and tax advisers have not recognised that a little knowledge can be a dangerous thing. This interview with former Valuation Office Agency (VOA) specialist Michael Edwards highlights the importance of considering Capital Allowances early in Commercial Property transactions.

Michael joined Lovell Consulting after 15 […]

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Capital Allowances in the Retail Sector

By : Julie Davies November 9, 2016 Comments Off on Capital Allowances in the Retail Sector

Retail sector owners are often overlooking substantial tax allowances. This happens because their accountants and tax advisors may only pick up simple & obvious plant and machinery (P&M) items, such as chairs, tables, shop display and fittings. When fitting out or refurbishing a retail unit, the construction expenditure is generally not very well detailed for capital […]

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Student Accommodation & Capital Allowances

By : Julie Davies October 4, 2016 Comments Off on Student Accommodation & Capital Allowances

Capital allowances and contaminated land can have a significant impact on the financial viability of student accommodation projects. Lovell Consulting are actively involved in several student accommodation 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 plant and machinery such […]

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Tax Journal Interview: One minute with…John Lovell, Capital Allowances Specialist

By : Julie Davies July 12, 2016 Comments Off on Tax Journal Interview: One minute with…John Lovell, Capital Allowances Specialist

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Claiming Capital Allowances and / or Repairs

By : Julie Davies July 6, 2016 Comments Off on Claiming Capital Allowances and / or Repairs

As acknowledged in HMRC’s Capital v Revenue Expenditure Toolkit, ‘there is no single, simple test that can be applied to decide which items are capital expenditure and which are revenue’

Differentiating between capital and revenue expenditure can be complex and in the absence of any definitive direction from HMRC, consideration has to be given to legislation […]

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