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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

2018 will see the first wave of targeted legislation to “green” our existing building stock.  We look at the “cash back” opportunities for some of the options to address these new requirements.

The discussion of how to “green” buildings has been long in the making and new legislation is about to hit landlords from 1st April 2018.  In short, if you are granting a new lease or renewal of an existing lease, then the new Minimum Energy Efficiency Standards (MEES) will make a property with an EPC rating of below an ‘E’ unlawful.  In special circumstances, landlords will be given an extension of six months to comply from the date of granting the lease.  The regulation applies to all non-domestic buildings except those that do not require an EPC under current regulations such as listed buildings.  This phase precludes the full application to all leases including those existing which is due to apply from 1st April 2023.

The question for landlords is to consider how best to address any shortfall in the EPC rating.  The answer will be driven largely by the long-term plans for the property which may be to either adapt a light touch approach or to incorporate the works as part of a wider asset management initiative if the property is to be repositioned in the market.

Typical options which will be considered includes the replacement of the old fluorescent type lighting to more energy efficient LED lighting.  Or a more expensive option would be the replacement of windows and or cladding to a more superior insulated version.

Both options will attract Capital Allowances which provide a helpful “cash back” to the cost of addressing the energy efficiency of any building.   For certain works, the availability of Enhanced Capital Allowances (ECAs) will provide 100% tax relief in the year of expenditure, so as a 20% tax payer for every £100,000 incurred, £20,000 will be recovered.

Veritas Advisory provide early tax planning advice on all types of building refurbishments and to obtain an estimate of the available tax relief please contact one of our directors.