Banking Tax Finance
Banking Tax & Finance Issue 2 | Spring 2009
In this Issue
2009 Budget Update
Economic Update
Main Pool - Plant or Machinery
Wealthy Taxpayers could now be under the Spotlight
Enhanced Capital Allowances - 100% Relief
A Goodwill Gesture from HMRC
Will you be better off under the new Brownfield Incentives Regime?
Tax Breaks for Research and Development
Grants News
Financial Benefit of Capital Allowances to GP's
International Cost Segregation - Poland
Free Loans to the Tax Man
 
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Welcome

In the Spring edition of Bottom-Line Thinking, we again focus on Capital Allowances, property taxation and related articles.

You may also notice changes to our livery; Davis Langdon Crosher & James is now rebranded the Banking Tax & Finance arm of Davis Langdon LLP.

We hope you find this latest edition stimulating and informative, many more articles and technical resources can be found at www.dlcrosherjames.com with bespoke areas for property investors and developers, owners, occupiers, property professionals and lenders.

Finally we are pleased to announce our Banking Tax & Finance team has been shortlisted for best team in one of the categories in the 2009 LexisNexis Taxation Awards. The winner will be announced at a Gala dinner on 21st May.
 
2009 Budget Update
With so many changes to Capital Allowances announced over the last couple of years, we could perhaps be forgiven for thinking that nothing new was likely to be announced on Capital Allowances in the 2009 Budget. We would, however, have been wrong!

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Economic Update
The very poor state of the UK's public finances meant that the Chancellor, in his 2009 Budget, was not able to deliver any major new fiscal boost to help the economy. Instead, public investment is set to decline sharply from 2011, which will have major implications for the UK construction industry. Meanwhile, the UK economy shrank by 4.1% year-on-year during the 1st quarter of 2009.

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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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Wealthy Taxpayers could now be under the Spotlight
Any wealthy taxpayer with complex tax affairs, could well come under the spotlight of the new HM Revenue & Customs unit set up to handle the tax affairs of high net worth individuals. This may have repercussions for the taxpayer and professional advisers and of course, any Capital Allowance claims.

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Enhanced Capital Allowances - 100% Relief
We take a look at an area which has often been overlooked in the past and consider what steps are needed to ensure these valuable allowances are not ignored. It will require a co-ordinated effort by a number of consultants, but there has to be single point responsibility for their overall management.

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A Goodwill Gesture from HMRC
On 29 January 2009, HM Revenue & Customs published a practice note on the apportionment of the price paid for a business transferred as a going concern. Whilst some of the principles set out in the practice note are relevant for all types of businesses, the note is mainly concerned with the particular issues affecting trade related property.

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Will you be better off under the new Brownfield Incentives Regime?
It is difficult not to be cynical when the Treasury promises ‘revenue neutrality’ when change is afoot. But when it comes to brownfield incentives and its proposals for a ‘modified’ and ‘better targeted’ land remediation relief regime in particular, there is a justifiable reason to be sceptical.

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Tax Breaks for Research and Development
Research and development is not always a straight forward concept and it can mean different things to different businesses. Tax relief for research and development is only available to trades, not professions or vocations and certain enhanced relief is only available to companies.

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Grants News
The new grants and funding newsletter with current news and updates on funding programmes. Our grants and funding team works across all business sectors and all parts of the UK advising of and applying for public funds on behalf of applicants.

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Financial Benefit of Capital Allowances to GP's
Having made the decision to procure a new surgery or medical centre, there are fundamental issues to consider over the availability of allowances depending on whether the new premises are owned or leased.

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International Cost Segregation - Poland
In each country the relative benefits of the particular tax depreciation regime will only become clear through detailed analysis. This month we feature Poland.

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Free Loans to the Tax Man
For property companies, Capital Allowances are likely to represent the second largest tax allowable expense (after interest charges) and can make a big difference to the level of the corporation tax liability. One of the key ways to avoid overpayments, therefore, is to calculate Capital Allowances claims before the payment due date.

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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.