Insights

HM Revenue & Customs (“HMRC”) have updated their manuals on long life assets (LLAs) to remind affected taxpayers that the concept of ‘entity’ or ‘entirety’ for the purposes of applying the LLA rules is a question of tax law and not accounting opinion. For example, a capital allowance claim for an underground cable system (including television, telecommunications, or electricity supply systems) will often include the costs of excavating the land and providing ducting that hous

SSE win hydro tax case on structures as plant

Specialist building parts in uranium facility fail ‘plant’ test?

Grain silo and building facility tax win

Payment recognition and claims for plant or machinery

HMRC wins £83m capital allowances case on software

Accounting and taxation of plant and machinery leases