When 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
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The Chancellor, Rishi Sunak’s ‘get it done’ approach did not really extend to capital allowances. There was a modest lift to Structures and Buildings Allowances. The capital allowances changes are below: The Structures and Buildings Allowances was introduced in Finance
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Introduction Since April 2017 there have been restrictions for deducting interest where bank interest exceeds £2m/annum. This makes the full claiming of allowances for UK entities even more important. From April 2019 overseas owners of UK commercial properties are subject
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Overview There has been a recent First-Tier Tribunal (FTT) case on whether Urenco (Appellant) is entitled to claim capital allowances in respect of the disputed expenditures on the construction of Tails Management Facility (TMF) at a nuclear site. Total project
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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
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CHESHIRE CAVITY STORAGE 1 LIMITED and EDF ENERGY (GAS STORAGE HOLE HOUSE) LIMITED V HMRC [2019] FIRST TIER TRIBUNAL TAX CHAMBER (FTT) Background Both appellants were companies in the EDF Energy PLC Corporate Group and they operate gas storage facilities
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