Jan 182015

Updated January 2016

In the case of Drilling Global Consultant LLP v HMRC, a limited liability partnership (“LLP”) was denied the annual investment allowance on upgrading an aircraft on the basis that its members weren’t all individuals. The result is a straightforward application of the capital allowances legislation. However, the arguments put forward by the LLP are of some interest, as well as being totally wrong.

(This article can be downloaded in pdf format at Academia.edu.)

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Mar 242014

The following is a summary of the main measures affecting capital allowances that came out of the recent Budget. There isn’t a great deal to say, though the increase in the annual investment allowance for plant and machinery expenditure will certainly be welcome.

In our introductory article we concentrated on plant and machinery, as this is the most common type of allowance. However, we also mentioned that there are other types of allowances available – we shall encounter some of these in the following summary. Continue reading »

A Basic Introduction to Capital Allowances

 Capital Allowances, Corporate Tax, Property Tax  Comments Off on A Basic Introduction to Capital Allowances
Feb 132014

This article is a basic introductory guide to capital allowances. What are they, what are the basic rules about claiming this valuable tax relief, and is it always a good idea to claim?

We shall be answering these questions in the following discourse. Subsequent articles will deal with the special types of allowance available for plant and machinery, and we shall end the series by looking at the new rules for fixtures.

But first, the most important question of all…

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Starting a Property Business

 Property Tax  Comments Off on Starting a Property Business
May 092013

Let us suppose that you’ve been fortunate enough to have been left a substantial sum of money in your great aunt’s will. You have decided not to splash out on a party to celebrate, or to spend the lot on a round the world trip. Instead, you have decided to be sensible and invest your inheritance so that you’ll have a secure nest egg for your old age.

But where to invest? The banks offer pitiful interest these days, and you don’t really fancy the stock market. What about property? The headlease on the local fish and chip shop is for sale, and there are some student flats on offer – you’ve read somewhere that these particular types of investment ought to provide you a reasonably safe home for your money.

After considerable thought, you take the plunge and become a property tycoon… Continue reading »

Mar 222013

There are a number of anti-avoidance measures aimed at closing various loopholes in the corporate tax legislation. These are all targeted at loss buying – on top of the loophole closures, we have two new targeted anti-avoidance rules, or TAARs as we like to call them in the tax world. Continue reading »