Banking Tax Finance
Banking Tax & Finance Issue 11 | Spring 2011
In this Issue
It might very well be green, but is it plant or a machine?
Irish Budget 2010 - the guillotine for capital allowances?
HM Revenue & Customs toolkits and tax risk mitigation
The gazebo case
No property trade without a sale
Interaction of capital allowances and capital gains tax
'Yes you can, no you can't' - when REITs can make capital allowances disposal value elections
No more error or mistake claims
US cost segregation and tax savings
Taxation relief for small hydro schemes
Land remediation tax relief
 
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A wide range of issues are tackled in this edition of Bottom-Line Thinking, please click on the links below to read the full articles.
 
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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Irish Budget 2010 - The Guillotine for Capital Allowances?
On Tuesday, 7 December 2010, the Irish Finance Minister, Brian Lenihan, announced that the ‘income tax system, as it stands today, is no longer fit for purpose'.

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HM Revenue & Customs toolkits and tax risk mitigation
A series of toolkits have been developed by HM Revenue & Customs to assist tax agents and any other persons completing a self assessment tax return.

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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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No property trade without a sale
The top rate of capital gains tax at 28% is considerably lower than the 50% top rate of income tax. When the property market turns and losses are more likely than gains, the treatment of trade losses can be far more beneficial than losses from a property rental business.

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Interaction of capital allowances and capital gains tax
Time and 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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'Yes you can, no you can't' - when REITs can make capital allowances disposal value elections
Although REITs are normally tax-exempt, strangely, they must nevertheless adjust their annual accounting profits under UK tax principles. This is because the 90% distribution requirement is based on tax-adjusted profits, rather than accounting profits. Thus REITs benefit from capital allowances…

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No more error or mistake claims
Error or mistake relief has been replaced by overpayment relief for claims made on or after 1 April 2010 for any tax year or accounting period. This document looks at what the new regime means for taxpayers that have paid too much tax due to an error or mistake.

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US cost segregation and tax savings
The term ‘cost segregation’ is used for the US tax depreciation regime and there are just as many opportunities to maximise tax depreciation through cost segregation in the US, providing the right approach is adopted.

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Taxation relief for small hydro schemes
The expenditure by an investor on the construction of such schemes, either by funding a developer or engaging contractors directly, would attract valuable tax relief for an investor.

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Land remediation tax relief
Research suggests many in the homebuilding sector are still missing out on a valuable tax relief.

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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.