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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

Veritas Supporting Charitable Causes

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.

01 Oct 2021

Written by: David Gibson

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Latest News

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

New Case Law – Gas Storage

25 Apr 2021

A case Cheshire Cavity Storage 1 Limited and (2) EDF Energy (Gas Storage Hole House) Limited v The Commissioners for HM Revenue and Customshas been determined at the Upper Tax Tribunal (UTT).  Does a cavity formed to store gas satisfy the requirements to be allowed as plant?

A case has been determined at the Upper Tax Tribunal (UTT).  Does a cavity formed to store gas satisfy the requirements to be allowed as plant, or it is merely the premises in which the trade takes place?  This is not a straight forward question, and within the ruling lists several of the previous case laws, and the reasoning behind allowing and disallowing plant.

The case, Cheshire Cavity Storage 1 Limited and (2) EDF Energy (Gas Storage Hole House) Limited v The Commissioners for HM Revenue and Customs, the UTT denies and upholds the First Tier Tribunal (FTT) in September 2019, that the expenditure to form the cavity is not qualifying as it acts as premises.

The case is about the taxpayer creating a cavity that can store gas, for the purpose of holding and then selling when the gas prices are higher.  The claimant created the cavities by injecting water into naturally occurring salt rock beneath the ground which, when the salt rock dissolves create a hole filled with saltwater.  Gas is pumped into the hole, the saltwater displaced, and the rocks surrounds the gas keeping it from escaping.

The case considered several cases, Yarmouth v France, a horse used for the trade, Jarrold v John Good, demountable partitions, IRC v Barclay, Curle & Co Ltd, a dry dock, Cooke v Beach Station Caravans, a swimming pool. Schofield v R & H Hall Ltd, a grain silo, Benson v Yard Arm Club Ltd, if a barge is plant when used as a restaurant, Wimpey v Warland, amongst others.

Plant is not defined, but allowed by applying the tests, which must be satisfied.  There have been several capital allowances cases recently; could this be that HMRC are challenging more claims, or that taxpayers are pushing to claim more items, or that new technology will necessitate that we move into the unknown as to whether an item will qualify or not until tested.