With cash flow of paramount importance during the unprecedented pandemic we shared our views to the Property Agents Independent (PAI) network on how to aid businesses by enhancing cash reserves through the claiming of capital allowances on unclaimed historic property expenditure. For the full article on the PAI website click here
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Case Law – Mersey Docks & Harbour Company v HMRC
HMRC continue to raise enquiries and to disallow items of plant that could be used for a claimant’s trade. This case relates to the quay wall at the Port of Liverpool
Case Law – Changi Airport Loses $273m Tax Break
Changi Airport Group (CAG) made Capital Allowances claims over three years totalling $272,575,162 on assets including the runways and taxiways but lost with the Court of Appeal determining that the assets were structures and not tools of trade.
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.
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Case Law – Mersey Docks & Harbour Company v HMRC
14 Jan 2025
HMRC continue to raise enquiries and to disallow items of plant that could be used for a claimant’s trade. This case relates to the quay wall at the Port of Liverpool
Case Law – Changi Airport Loses $273m Tax Break
20 Dec 2024
Changi Airport Group (CAG) made Capital Allowances claims over three years totalling $272,575,162 on assets including the runways and taxiways but lost with the Court of Appeal determining that the assets were structures and not tools of trade.
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 deduct 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