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Furnished Holiday Lets – HMRC Clarify Legislation

The window to claim Capital Allowances tax relief on furnished holiday lettings (FHLs) is fast decreasing before repeal of the legislation in April 2025 and HMRC have now clarified the transitional rules about who can or can't claim.

07 Nov 2024

Written by: David Gibson

New Case Law – Capital v Revenue

A recent important Supreme Court decision in Centrica Overseas Holdings Limited v HMRC addresses the deductibility of expenses incurred by a company. The bar to dedeuct costs has been raised considerably

04 Oct 2024

Written by: David Gibson

HMRC To Increase Scrutiny on Capital Allowances Claims

Not only are Allowances more advantageous than ever before, but HMRC are strategically targeting tax leakage – including through Capital Allowances. Getting the correct advice is essential

04 Oct 2024

Written by: Russell Bennett

Archive

 

Latest News

Furnished Holiday Lets – HMRC Clarify Legislation

07 Nov 2024

The window to claim Capital Allowances tax relief on furnished holiday lettings (FHLs) is fast decreasing before repeal of the legislation in April 2025 and HMRC have now clarified the transitional rules about who can or can't claim.

New Case Law – Capital v Revenue

04 Oct 2024

A recent important Supreme Court decision in Centrica Overseas Holdings Limited v HMRC addresses the deductibility of expenses incurred by a company. The bar to dedeuct costs has been raised considerably

HMRC To Increase Scrutiny on Capital Allowances Claims

04 Oct 2024

Not only are Allowances more advantageous than ever before, but HMRC are strategically targeting tax leakage – including through Capital Allowances. Getting the correct advice is essential

100% Full Expensing – What is it and why it’s important

09 Sep 2024

Hailed as the “Greatest Tax Break in History” when it was introduced in 2021, the 130% Super Deduction aimed to take some of the sting away from the hike in Corporation Tax rate that was announced in the same speech. Its replacement, Full Expensing (FE), took over in April 2023 as a slightly less headline-grabby 100% First Year Allowance. But what is it?

Some Good News for Furnished Holiday Let Owners

05 Aug 2024

Positive transitional rules have now been published allowing Furnished Holiday Let owners the ability to use Capital Allowances beyond April 2025

Case Ruling – HMRC v Altrad Services Limited

10 Jul 2024

The decision by the Court of Appeal will have far reaching implications in that it clearly resets the boundaries of what is a capital allowances avoidance scheme designed to increase the quantum of capital allowances claimed

Spring Budget Update

06 Mar 2024

Chancellor Jeremey Hunt announces changes to the capital allowances legislation affecting furnished holiday let owners

Capital v Revenue – Understand The Risks v Benefit

24 Jan 2024

As we are fast approaching the self assessment filing deadline for individuals and the amendment window for corporate entities with a year end of March, understanding the importance of what constitutes capital or revenue expenditure, and the risks and benefits associated with it, is extremely important.

First Year Allowances for Corporate Members of Partnerships

19 Jan 2024

In a positive move HMRC have updated their capital allowances guidance for partnerships stating that partnerships with underlying corporate partners can claim first year allowances

Stephen May v HMRC

This case centred on the ability, or otherwise, to claim a whole facility and involved a tax payer who designed and constructed a grain silo, the description of which does appear to be determined by which side you are on, but described as a “building” by HMRC and a “facility” by the Tribunal, to be neutral.

The tax payer, whose occupation was that of a farmer, growing and harvesting grain, commissioned a purpose made silo for storing grain for future sale. The storage process requires moisture removal, to specific levels, maintaining the quality of the grain to enable the grain to be sold, and where certain levels are met, at a higher price.

HMRC rejected 80% of the costs, with the evidence of an ex HMRC employee stating that internally HMRC thought there was merit to the claim, but that HMRC current practice was not to accept it.

Some may suggest that this is not a fair and equitable way to treat a tax payer, and that HMRC should not reject claims without reason, but consider the evidence and come to their own judgement. However, HMRC did note that it is up to the tax payer to demonstrate the case and relief that they are claiming.

The two key areas to this case surround the definition and meaning of a silo, and of “temporary use”. The building, for all intense and purpose, is a “barn / shed”, but upon further investigation, the tax payer demonstrated it has been specially constructed, including the walls being an extra thickness, as well as part movable, special floors, ventilation apparatus, and a complete building designed to remove moisture from the grain. This design was to meet the specific requirements of storing grain and keeping it in the condition required.

During the process, other cases were referred to in assisting to distinguish between what is a building or structure, and what is an apparatus of a trade. It was also agreed that the building had no other use, other than as a silo.

The other point refused by HMRC was that the building was not used on a temporary basis for storing the grain. However, the tax payer’s argument was accepted on the evidence that the grain was kept up to 9 months with a period of disuse whilst the grain store was prepared for the next harvest. It would be difficult to see why this is not a temporary storage, and it is a product for sale, and has a life span of maximum 10 months.

As with all cases for claiming buildings and structures, the Directors of Veritas Advisory have successfully claimed numerous “facilities” for tax payers, with special attention to understanding a tax payers trade, the facility, case law and how to demonstrate and argue this with HMRC. We are not surprised by the fact that HMRC initial reaction is the dismiss the claim, before considering the evidence that the tax payer has disclosed, as we have had similar cases, which have then been accepted by HMRC.