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| Capital Allowances on Furnished Holiday Lettings |
After the 2009 Budget, it was announced that the "Furnished Holiday Lettings" (FHL) rules were to be extended to any country within the European Economic Area (EEA). So what are the tax benefits of the FHL rules?
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| Main Pool — Plant or Machinery |
Confused over which rates now apply to different categories of plant? This article identifies the different asset pools and their treatment, following the capital allowance rule changes last year affecting all expenditure after April 2008.
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| Pre-contract Negotiations for Capital Allowances |
The value of capital allowances to either party to a property transaction will depend on various factors, but the bottom line is that capital allowances save tax and therefore, have value. This article touches on some of the practical implications of badly worded contract clauses dealing with capital allowances and the relevance of the pre-contract documentation that may exist in some common situations that we have encountered.
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| The Identification of Repairs |
The problem when analysing building works carried out to an existing property, classified in the accounts as a fixed asset or investment property is where to draw the line.
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| Basic Guide and Introduction to Capital Allowances |
This guide is set out in the form of questions and answers; we have endeavoured to include most of the questions that could arise.
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| It Might Very Well be Green, But is it Plant or a Machine? |
Just because a building is "green" does not mean it will attract a greater level of capital allowances. This was borne out very clearly from the decision in the recent case of Mrs. M. E. McMillin -v- HM Revenue & Customs. (2011).
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| MCashback - The Final Verdict |
On 11 May 2011, the House of Lords gave its judgement in the case of HM Revenue & Customs (HMRC) -v- Tower MCashback LLP1 and another. The Court of Appeal had previously found in favour of the taxpayer and HMRC appealed to the House of Lords against that judgement. Whilst the case revolved around a tax scheme involving expenditure on software rights, it has much wider ramifications because of two major points of issue.
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| The Gazebo Case |
In the recent case of Mrs. C. A. Andrew -v- HM Revenue & Customs. (2010), the First-Tier Tribunal (Tax Chamber) had to decide whether a gazebo in the grounds of a public house qualified as plant.
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| Interaction of Capital Allowances and Capital Gains Tax |
Time and time again, we come across investors having not claimed capital allowances because it was believed that the benefit would be wiped out when the property is sold due to capital gains tax (CGT). The mistaken argument…
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