Breakfast Seminar – Capital Allowances
To register for this breakfast seminar, please email nbradshaw@lovellconsulting.com
To register for this breakfast seminar, please email nbradshaw@lovellconsulting.com
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 moreWhen 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 […]
UPPER TIER TRIBUNAL TAX CHAMBER
There have been a run of cases heard before the courts
relating to civil and structural works, with debate about what constitutes a
structure as opposed to plant.
In August 2019, the FTT heard The Cheshire Cavity Storage 1
Limited v Anor case. This concerned a
taxpayer who operates gas storage facilities and created […]
UPDATE ON CASE
SSE GENERATION LIMITED V THE COMMISSIONERS FOR HMRC
HMRC TO CHALLENGE THE FIRST TIER TRIBUNAL TAX CHAMBER RULING
HMRC have decided to challenge the ruling given by the First Tier Tax Tribunal which they considered was largely in favour of the taxpayer. The case is to be heard by […]
Read moreHMRC clutching straws on a grain storage structure :
Stephen May and another v HMRC [2019] UKFTT 32 (TC)
Overview
There has been a capital allowance case to determine whether a facility for drying, conditioning and storage of grain is a “silo provided for temporary storage” within the meaning of Capital Allowances Act […]
Read moreSSE GENERATION LIMITED V THE COMMISSIONERS FOR HMRC
FIRST TIER TRIBUNAL TAX CHAMBER
This is the first significant capital allowances case since IRC v Barclay, Curle & Co Ltd [1969] where expenditure on capital allowances has been considered for civil engineering type expenditure.
Of particular interest is just how far […]
Read moreThe long awaited report by the Office of Tax Simplification (OTS) into the proposed simplification of capital allowances was published on the 15th June 2018. It extends to 88 pages but concludes that whilst an accounts based depreciation system would be attractive, the benefits gained would be completely outweighed by the disruption suffered by businesses […]
Read moreBoth 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 recent April 2014 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 […]
Read moreIt is sometimes essential to offer incentives to attract tenants to take space in a vacant property. Typically these will be in the form of a general cash payment, contribution to tenant fit out or a rent-free period.
Of these the contribution route can be the most tax efficient for the landlord as there is a […]
Read more