Insights

Taxpayer succeeds on a number of points at Upper Tribunal with its hotel BPRA claim

A unique feature of a furnished holiday letting (FHL) compared to other types of residential property businesses is the ability to claim or lose capital allowances when the residential property is sold. A failure to properly understand the rules can be a costly mistake for Buyers and Sellers alike. What are Capital Allowances? If you rent other residential property you should be familiar with the Rent-a-Room Scheme and Replacement of Domestic Items Relief (which replaced wear

HM Revenue & Customs (HMRC) has updated its Capital Allowances Manual (CA12300).

Here we set out some of the key issues we expect to be examined for property additions to meet Covid-19.

Budget 2020 – Capital Allowances Summary

With the introduction of Structures and Buildings Allowances and their inclusion in CPSE general pre-contract contract enquiries for commercial property transactions, capital allowances are likely to come under increased scrutiny in 2020. Sellers that fail to understand their historical claim positions or plan for what maybe legitimately expected in terms of enquiries could find themselves with unwanted delays, higher legal costs and even an unsuspecting tax bill. Buyers that

Statistically based sampling for major UK pub expansion.

Case law and tribunal decisions are how statutory interpretation evolves. It can reinforce long term views and sometimes challenge the settled status quo. It plays an essential role in informing all capital allowances advice and a summary of the most topical capital allowances tribunal decisions are summarised below. Grain silo and building facility tax win 10 January 2019 In the recent case of (1) STEPHEN MAY (2) STEPHEN MAY AND G MAY T/A S.C. MAY and THE COMMISSIONERS FOR H

HMO fails to substantiate capital allowances claim

HMRC loses challenge on late capital allowances claim

Planning for structures and buildings allowances (SBA) claims

We take a look at one of the core reliefs for capital expenditure on purchasing or developing properties a a furnished holiday let.

Some of the original investors in Eurocentral are set to lose around £5million.

BPRA case explores “on or in connection with”

A new requirement on property owners & occupiers – “Allowances Statements”

Clock ticking for accelerated tax relief on water, waste and energy investments

Residential care home win on building purchase

HMRC waiting to catch sellers without valid elections

Payment recognition and claims for plant or machinery

The autumn budget announced the introduction of a new structures and buildings allowance (SBA). It is designed to give tax relief for expenditure on commercial buildings and structures (non-residential) over a 50 year period (i.e. 2% on a straight-line basis). SBAs will be available for construction contracts on or after 29 October 2018. Given draft legislation has still be published (and unlikely to arrive until the new year) we have set out below some of the key differences