Banking Tax Finance
Banking Tax & Finance Issue 9 | Autumn 2010
In this Issue
Curiouser and Curiouser - The Ever Changing Definition of 'Dwelling House'
B&E Security Systems Ltd -v- HMRC
Revenue Guidance Comes With 'Health Warnings'
Know Your REIT's - Non-Exempt Taxes
Financial Management - Austerity era projects
Solar PV Opportunities: Fit for Purpose?
R22 Phase Out - Tax Efficient Options
Capital Allowances on Furnished Holiday Lettings
Economic Update - September 2010
 
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Welcome

The autumn edition of Bottom-Line Thinking, as usual covers a wide range of tax and property issues.

Satnam Kainth looks at the impact as HMRC prepares imminently to re clarify its view of term ‘dwelling houses’ and we look at how this might affect claims on student accommodation and homes in multiple occupation.

We take a look at the findings in a recent capital allowances case, B&E Security Systems Ltd and also we consider the position when seeking clarification on a tax issue from HMRC and subsequently where that advice proves incorrect.

David Vogel is widely known in the property world; here he looks at the taxation of REIT’s in this, his third article of a three part series.

We reproduce an article by David Rees, which first featured in Practice Management magazine, looking at the changes following announcements in the Budget, to funding much needed GP surgeries.

Neal Kalita in our Banking and Finance team discusses the opportunities created with the introduction of the feed in tariff for solar photovoltaic installations.

David Henry from the energy team looks at the choices for investors and occupiers as R22 refrigerants are phased out in air conditioning equipment and the three options available.

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. Here we look at the tax benefits of the FHL rules.

Lastly we attach our latest economic forecast looking at world wide economies for signs of recovery.

A summary of each article is contained below, many more technical articles can be found on the Davis Langdon Banking Tax & Finance website at www.bankingtaxfinance.com.
 
Curiouser and Curiouser - The Ever Changing Definition of 'Dwelling House'
There is a minor storm brewing up around the meaning of the simple term ‘dwelling house’ as HM Revenue and Customs (HMRC) prepares, imminently, to ‘re-clarify’ its view in relation to the availability of plant and machinery capital allowances.

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B&E Security Systems Ltd -v- HMRC
This is a recent capital allowances case concerning a claim for the construction of a control room as plant and machinery on the basis that it was 'incidental' to the security equipment for which it was built to house.

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Revenue Guidance Comes With 'Health Warnings'
What better way to seek clarification of a tax issue than to check how HM Revenue & Customs believes a particular piece of legislation should be interpreted? But what happens when the guidance provided by HMRC subsequently proves to be incorrect?

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Know Your REIT's - Non-Exempt Taxes
This is the third and final part in the series looking at taxation of REIT's. The two previous articles can be found in our 'vital document library' on our website.

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Financial Management - Austerity era projects
A reproduced article by David Rees, which first featured in Practice Management magazine, looking at the changes following announcements in the Budget, to funding much needed GP surgeries.

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Solar PV Opportunities: Fit for Purpose?
The reason why a solar PV installation did not add up financially until the introduction of the FiT regime was because the capital required far exceeded the reduction in electricity costs until now.

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R22 Phase Out - Tax Efficient Options
Businesses that depend on air conditioning, process chilling and industrial refrigeration equipment that contains R22 refrigerant have some important decisions to make.

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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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Economic Update - September 2010
Davis Langdon’s latest economic round up of the most recent and significant events. The latest UK labour market, retail sales and housing market data were all softer, pointing to weaker economic growth in the third quarter. However, manufacturing output growth is firm and businesses remain relatively upbeat about their prospects going forward.

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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.