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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

Offshore Investors Sitting On Significant Tax Relief

Unbeknown to many investors they are likely to be sitting on significant unclaimed capital allowances within their existing portfolio which can be used to mitigate the future increased tax liabilities under the UK tax legislation.

27 Sep 2021

Written by: Clive Curd

Using Artificial Intelligence for Capital Allowances

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.

27 Sep 2021

Written by: Clive Curd

Archive

 

Latest News

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.

Offshore Investors Sitting On Significant Tax Relief

27 Sep 2021

Unbeknown to many investors they are likely to be sitting on significant unclaimed capital allowances within their existing portfolio which can be used to mitigate the future increased tax liabilities under the UK tax legislation.

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?

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.

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.

The case involved claiming the launch costs for 6 satellites in the 1990’s.  The original entity that owned and built the satellites was exempt from tax, so when Inmarsat incurred the costs of launching, not the cost of the satellites, they realised after the event that they would miss out of the very valuable tax relief.

The costs may have been allowable as ancillary to the trade, however at the time of launches, they did not own nor had built the satellites.  There was a finance lease in place for the ownership of the satellites, who claimed capital allowances on their construction.

Inmarsat’s basis for claim was that there was succession to the trade when they took on the leases after the launch costs had been incurred.  However, the FTT argued that S78 of CAA 1990 did not apply because the satellites never belonged to the Inmarsat at the time of the launch costs were incurred and had not incurred the cost on the satellites.

This case highlights that capital allowances is a complex area, and advice should always be considered before the expenditure takes place, to ensure that a claim can be successful.