What is contaminated land?
For the purposes of this tax relief it is where the land contains substances such as asbestos, Japanese Knotweed or sulphate resistant concrete which are causing harm or could possible cause harm, pollute or possibly pollute controlled waters.
Is there a definition of contaminated land costs?
There is a general definition which is that […]
Read morePrivate 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 […]
Read moreSince 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 […]
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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 […]
Read moreBusiness 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 […]
Read moreClient 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 […]
Read moreCapital 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 […]
Read moreTax Case Summary: Drilling Global Consultant LLP v HMRC [2014]
Release Date: 11 September 2014
Overview
Whether an LLP, whose members are an individual and a limited company is a qualifying person entitled to claim the annual investment allowance (AIA) within the meaning of s38A(3)of CAA2001.
It was held by the First-Tier Tax Tribunal that a mixed LLP, […]
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