Banking Tax Finance
Issue 13 | Summer 2011
In this Issue
Introduction to HMRC Consultations
Radical Review of Capital Allowances on Fixtures
A Confused Message on Tax Relief for Property Construction Expenditure
Planning to Claim Land Remediation Tax Relief — The Clock is Ticking
A “Fair and Consistent” Approach to Renewable Technologies?
Research and Development Tax Relief — Ongoing Consultation
 
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Welcome

We are pleased to attach our consultation special edition of Bottom-Line Thinking — the content is summarised and briefly described in the first article, "Introduction to HMRC Consultations". This article also explains how to send your views to us so we can present them in our final report to HM Revenue & Customs. Please respond to christine.weaver@davislangdon.com before 26 August 2011.
 
Introduction to HMRC Consultations
After much hype and press speculation around how the new coalition was going to fund their utopian environment of lower corporate taxes, the perceived easy target of drastically reducing rates of Capital Allowances were in the end only trimmed very modestly and also given a 21 month reprieve before taking effect.

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Tax_and_Money__64506760

Radical Review of Capital Allowances on Fixtures
If there is one piece of tax legislation that has been the source of constant irritation to HM Revenue & Customs (HMRC), it must be the fixtures rules for capital allowances. The rules relating to plant and machinery fixtures were first introduced in 1985, and have become increasingly complex.

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Hourglass_and_Coins_73506934

A Confused Message on Tax Relief for Property Construction Expenditure
The Office of Tax Simplification (OTS) produced its final report on the review of tax reliefs on 3 March 2011 and recommended that 47 tax reliefs should be abolished. On 23 March 2011, the Chancellor announced in Budget 2011 that the government would be abolishing 43 tax reliefs.

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Money_3D_21225277

Planning to Claim Land Remediation Tax Relief — The Clock is Ticking
Following the review of tax reliefs undertaken by the Office of Tax Simplification and the subsequent report published in March 2011, the government announced that it intends, following consultation, to abolish land remediation relief.

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Polluted_land_34248682

A “Fair and Consistent” Approach to Renewable Technologies?
The latest consultation into the tax treatment of equipment that qualifies for either the renewable heat incentive (RHI) or feedin tariffs (FiTs), or both, could have a major impact on the viability of projects.

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Hydro

Research and Development Tax Relief — Ongoing Consultation
Historically, the U.K. spending on research and development has lagged behind that of other countries. As part of the government’s move to improve innovation and therefore, increase productivity, measures have been introduced over the last ten years to encourage research and development activity.

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Research_Interior

 
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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.