INDEPENDENT CAPITAL ALLOWANCES SPECIALISTS

Capital Allowances – Asbestos Removal

By : May 7, 2015 Comments Off on Capital Allowances – Asbestos Removal

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 […]

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Capital Allowances Case Summary: Bowerswood House Retirement Home

By : April 20, 2015 Comments Off on Capital Allowances Case Summary: Bowerswood House Retirement Home

Capital Allowances Case Summary: Bowerswood House Retirement Home v HMRC [2015]

Release Date: 26 January 2015

Overview 

Whether a swimming pool enclosure is plant and the appropriate basis of apportioning the purchase price to qualifying plant and machinery for capital allowances purposes.

The FTT found the enclosure was not plant. They also found the apportionment formula is a […]

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Property Tax Case Summary: Terrace Hill (Berkeley) Ltd: Impact for Capital Allowances

By : April 2, 2015 Comments Off on Property Tax Case Summary: Terrace Hill (Berkeley) Ltd: Impact for Capital Allowances

Property Tax Case Summary: Terrace Hill (Berkeley) Ltd v HMRC [2015]

Release Date: 12 February 2015

Overview

Whether a property developer held a property development as trading or investment.

It was held by the First-Tier Tax Tribunal that the property was an investment and not trading stock. This was due to the intention of the Appellant when […]

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Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments

By : April 2, 2015 Comments Off on Business Premises Renovation Allowance (BPRA) Case Summary: Senex Investments

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 : 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 : 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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