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Capital Allowances Incentives to Increase?

In a positive move to encourage capital investment Rishi Sunak announced in the 2022 Spring Statement plans to expand the Capital Allowances legislation, subject to a consultation process, to be formally announced in the autumn budget and to take effect from April 2023

23 Mar 2022

Written by: David Gibson

Veritas Contribute to UKAA Publication – Improving Returns on Build to Rent

As a member of The UKAA, we were pleased to be invited to contribute to their latest buzz news issue, in which we explain how investors-operators of build to rent can improve investment returns by claiming capital allowances

02 Nov 2021

Written by: Nolan Masters

Veritas Confirmed New Member of UKAA – The Organisation for the UK Build to Rent

Veritas Advisory have now been confirmed as a new member of UKAA, the organisation for the UK Build to Rent sector. 

18 Oct 2021

Written by: David Gibson

Archive

 

Latest News

Capital Allowances Incentives to Increase?

23 Mar 2022

In a positive move to encourage capital investment Rishi Sunak announced in the 2022 Spring Statement plans to expand the Capital Allowances legislation, subject to a consultation process, to be formally announced in the autumn budget and to take effect from April 2023

Veritas Contribute to UKAA Publication – Improving Returns on Build to Rent

02 Nov 2021

As a member of The UKAA, we were pleased to be invited to contribute to their latest buzz news issue, in which we explain how investors-operators of build to rent can improve investment returns by claiming capital allowances

Veritas Confirmed New Member of UKAA – The Organisation for the UK Build to Rent

18 Oct 2021

Veritas Advisory have now been confirmed as a new member of UKAA, the organisation for the UK Build to Rent sector. 

Veritas Supporting Charitable Causes

01 Oct 2021

We have chosen to support four charitable causes reflecting activities that are close to us and to people we know and would like to raise awareness of.

Using Artificial Intelligence for Capital Allowances

27 Sep 2021

Can Artificial Intelligence help claim capital allowances? In addition to preparing detailed claim reports for clients, Veritas Advisory, in partnership with Brunel University and Innovate UK, are applying technology to solve some of the issues, the main one being how to use data efficiently and correctly.

New Case Law – Potato Store is Plant

07 Aug 2021

JRO Griffiths Limited v The Commissioners for Her Majesty’s Revenue and Customs [2021] UKFTT 257 (TC) resulted in the taxpayer winning their appeal in whether or not a warehouse used to store potatoes for a crisp manufacturer is plant.  The taxpayer won on 2 counts.

Estates Gazette Article – Capitalise on Allowances

20 Jul 2021

Veritas Advisory Director Nolan Masters, together with Alex Barnes a Partner at BDB Pitmans LLP, have published an article in Estates Gazette on how capital allowances claims can mitigate the increasing cost of tax on property investment.

New Case Law – Satellites

16 Jul 2021

A Capital Allowances case Inmarsat Global Limited and The Commissioners for Her Majesty’s Revenue and Customs UT/2019/0167 V), has been refused by the Upper Tier Tribunal, in relation to the launch of satellites.

Taxation Magazine Article – The New Super Deduction

04 Jul 2021

In the June edition of Taxation Magazine Veritas Advisory Director Nolan Masters set out how the new super deduction and special rate allowances will affect property owners, occupiers and investors. Click here to read the article in full

An additional headache where historic building stock is being upgraded to meet the new MEES requirements is addressing contaminants on site, such as asbestos.  Land Remediation Relief (LRR) provides a welcome incentive for developers and investors to offset that cost, by obtaining 150% tax relief and here we look at its application and how to claim.

Whilst this form of tax relief has been around for many years, the level of claims made against it is relatively low compared to other forms of tax relief for property related expenditure.  This can be put down in part to the fact that it is an elected form of tax relief, which is not present on most standard tax return forms and so unless your accountant recognises what expenditure to look out for, which when lumped in with other contractor’s costs, invariably it gets overlooked and the tax relief is missed altogether.

The legislation states that a substance which can “cause relevant harm” may qualify for this tax relief.  Typically asbestos is known to qualify but often the extent of the legislation is not appreciated, with Japanese Knotweed, long term derelict land (including foundations), arsenic, radon and underground gases examples of what may attract tax relief.

As long as you are not the entity or connected to the entity responsible for the original contaminant and a UK Corporate (not an individual or partnership), then a claim for LRR may be made. Unlike capital allowances, a developer can also claim as well as an investor, which is particularly relevant to housing developers looking to develop contaminated sites.

It is worth highlighting however that investors must make an election to claim LRR within 2 years of the tax year end in which the expenditure is incurred, which allows a degree of retrospective reviews to take place. The relief must be utilised in the year of expenditure; if loss making in that year a tax credit is available instead.

If you would like Veritas Advisory to provide an indicative free initial assessment of your expenditure, then please contact one of our Directors (https://www.veritasadvisory.co.uk/about-us/).