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?
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.
New 130% Super Deduction Explained
06 Mar 2021
Veritas have been in direct correspondence with HMRC with regards to the new 130% Super Deduction and specifically how it is applied on leased assets. Despite initially appearing as an exclusion on all leased assets, which would encompass most investment properties, there are opportunities to claim the new allowance.
Capital Allowances on Freeports
15 Dec 2020
The Government have issued the responses to the Freeports Consultation, originally published in February 2020, and will offer Enhanced Capital Allowances in Freeport Tax Sites plus a Freeport-specific, Structures and Buildings Allowances.
Society of Trust & Estate Practitioner (STEP) Webinar – Jersey Branch
12 Dec 2020
Veritas Advisory Directors Clive Curd and David Gibson presented on Capital Allowances to the members of STEP Jersey, highlighting the increased importance of Capital Allowances to offshore investors, and how to maximise the potential tax reliefs available including tax planning for future liabilities such as Capital Gains Tax.
£1,000,000 AIA Extended for 12 Months
13 Nov 2020
In a positive move the Government has today announced that the current Annual Investment Allowance (AIA) of £1,000,000, which was due to revert down to £200,000 on 1 January 2021, will be extended for a further year to 1 January 2022.