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New Case Law – Potato Store is Plant

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.

07 Aug 2021

Written by: Clive Curd

Estates Gazette Article – Capitalise on Allowances

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.

20 Jul 2021

Written by: Nolan Masters

New Case Law – Satellites

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.

16 Jul 2021

Written by: Clive Curd

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Latest News

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?

Short on Time? Super Deductions in Brief

20 Apr 2021

For those short on time, we have provided a bullet point summary of the key points, who can claim and considerations when claiming.

Are Property Investors Invited to the ‘Super-Deduction’ Party?

20 Apr 2021

The fanfare surrounding the announced ‘super-deductions’ was somewhat soured for property investors, in reading of a restriction on ‘leased’ plant and machinery.  Here we set out why for some investors, there is still a way to benefit from these generous temporary tax reliefs.

Claiming Super Deductions – Benefit & Restrictions

20 Apr 2021

In an unexpected offer of generosity, as part of the Chancellor’s spring budget, temporary ‘super’ capital allowances were announced with a view to kick start the post covid recovery.  Here we set out the requirements for making a claim and the benefit on offer.

Veritas in AI Collaboration with Brunel University

30 Mar 2021

Following a recent application through Innovate UK Veritas Advisory, together with Brunel University London, are developing AI-assisted technology to aid SMEs to more efficiently collect and categorise data for tax assessment and tax relief

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.