Banking Tax Finance
Banking Tax & Finance Issue 4 | Autumn 2009
In this Issue
Risky Business
Appropriation of Trading Stock
Capital Allowances on Tenants Fixtures
Tax Avoidance Schemes
Sale and Leasebacks
Brownfield Briefing
Insider Knowledge Feature
Student Accommodation - Is it a Home?
Construction Business Recovery - Recovery News
Grants Newsletter - September 2009
Economic Update - September 2009
 
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Risky Business
Paul Farey, Partner with the Banking Tax & Finance team, explains how HMRC’s risk-based approach to targeting taxpayers, could not only focus attention on the individual and companies themselves, but also the systems and traits of their tax advisers, in determining whether they are ‘low risk’ or not, in the words of Warren Buffett: “Only when the tide goes out do you discover who's been swimming naked”.

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Appropriation of Trading Stock
By appropriation, we mean reversing the accountancy classification of a property from trading stock to investment. There is no change of ownership of the property. This paper does not cover appropriation between companies within the same group, but seeks to cover the tax issues arising from the appropriation of trading stock for individuals and companies.

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Capital Allowances on Tenants Fixtures
A purchaser of a commercial property can usually claim Capital Allowances in respect of the plant and machinery fixtures within the property, such as lifts, air conditioning installation and electrical systems. These fixtures may have been installed by the developer or a subsequent owner of the property. Quite often, however, there will be fixtures within a property that have been installed by a tenant. In such cases, the question as to whether Capital Allowances are available in respect of tenants’ fixtures will be of obvious interest to the new owner of the property.

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Tax Avoidance Schemes
On 1 August 2004, statutory provisions came into effect requiring arrangements that enable a person to obtain a tax advantage to be disclosed to HM Revenue & Customs. The precise rules differ between taxes and the scope of the rules have widened since they were first introduced. These measures have clearly been effective at discouraging avoidance, because the number of disclosed schemes has fallen signifcantly.

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Sale and Leasebacks
When a property is acquired by a taxpayer incurring capital expenditure, Capital Allowances will be available to the purchaser for the plant and machinery within the property. The level of Capital Allowances will generally be based on the price paid for the plant and machinery by the purchaser, provided no previous owner has claimed Capital Allowances on the same items of plant and machinery. If there has been a previous claim, the level of allowances available to the purchaser will be restricted to the disposal value of the plant and machinery that is, or has been, brought into account by the previous owner (not necessarily the immediate seller) when the property was sold.

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Brownfield Briefing
With the closure of yet another consultation into the amendments to the land remediation tax relief legislation, are we now closer to understanding the additional benefits this will deliver for those who build on contaminated or derelict land and is the industry ready to embrace it?

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Insider Knowledge Feature
Property Funding - Challenges of the New Paradigm

This article explains how the funding market has changed over the past two years, the terms property companies can expect from lenders in the current climate and the growing importance of mezzanine finance.

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Student Accommodation - Is it a Home?
Whether or not student accommodation is a home (referred here as a dwelling house) is an important question for Capital Allowances on privately owned university halls of residence. Until recently, HM Revenue and Customs did not consider that university halls of residence were dwelling houses and this meant that Capital Allowances were available to private property owners in respect to the machinery or plant situated within these properties.

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Construction Business Recovery - Recovery News
With specific reference to the construction industry the administration of Main Contractor Haymills stands in stark contrast to recent suggestions by some economic commentators that the UK economy is slowly beginning to see some rays of light shining through gloomy dark clouds.

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Grants Newsletter - September 2009
New rounds of large capital funding programmes are currently relatively scarce It is, therefore, essential for projects with a funding shortfall to think outside the box and explore all possible avenues of funding, as public grants are undeniably still out there.

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Economic Update - September 2009
Last week marked the 1st anniversary of one of the most dramatic events in recent financial history - the collapse of Lehman Brothers, which triggered a financial firestorm and the sharpest global economic slowdown for many decades. Since then, substantial fiscal stimulus packages and monetary interventions by many governments have brought the crisis under control to a point where signs of stabilisation are now visible.

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Whilst every effort has been made to ensure accuracy, information contained within our newsletter may not be comprehensive and recipients should not act upon it without seeking professional advice.