Banking Tax Finance
Banking Tax & Finance Issue 5 | Winter 2009
In this Issue
The Curious Incident of the Changed Definition of a Dwelling
VAT Rate Change - What Goes Down Must Come Up
Burden of Proof on 'Purchase' Claims
Challenges for Large Energy Users
All About Plenum Ceilings
Franchisees and The Carbon Reduction Commitment Energy Efficiency Scheme
Goodbye £1 Election, Hello £2 Election
Energy and Tax Efficiency Challenges for Commercial Properties
Remediation Commercial Management
Who is Banking Tax & Finance?
Economic Update - November 2009
 
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Welcome

This is the last edition of Bottom-Line Thinking for 2009 and addresses a number of current issues on Capital Allowances, VAT on property, 'green' incentives including Enhanced Capital Allowances, land remediation and energy saving measures, including the Carbon Reduction Commitment; it also features Davis Langdon's latest Economic Update.

A summary of each article is contained below, to view the full article please click on the 'more' links. We hope you enjoy reading our newsletter and should any of your colleagues want to subscribe to future issues, they can do so easily by selecting the 'subscribe' link in the left hand column below.

Many more articles and technical resources can be found on the Davis Langdon Banking Tax & Finance teams website at www.bankingtaxfinance.com.
 
The Curious Incident of the Changed Definition of a Dwelling
For many years the guidance in the Capital Allowances Manual at CA11520 has stated that, amongst other types of accommodation, university halls of residence are not dwellings. The Revenue & Customs Brief 66/08, however, suggested that HMRC now believed that rooms within a student accommodation block, other than 'communal' areas, are dwellings and their guidance was to be updated accordingly, denying allowances on affected properties.

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VAT Rate Change - What Goes Down Must Come Up
Everybody knows that the standard rate of VAT will increase from 15% to 17.5% on 1 January 2010. Less widely known, however, are the particular rules that apply to ongoing construction projects and other 'continuous supplies of services' and these are the focus of this briefing.

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Burden of Proof on 'Purchase' Claims
The purchaser of a commercial property may be entitled to Capital Allowances in respect to the plant and machinery fixtures. The level of Capital Allowances will be based on the expenditure incurred by the purchaser, which will necessitate an apportionment of the purchase price. If any previous owner of the property has claimed Capital Allowances, then the level of allowances available to the purchaser will be restricted. Unfortunately, it is not always a straight forward matter to establish whether any previous owner has made a claim. This article looks at the burden of proof in such situations.

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Challenges for Large Energy Users
Achieving energy efficiency is a major challenge for large consumers of electricity. With the CRC Energy Efficiency Scheme just around the corner, taking no action is simply not an option.

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All About Plenum Ceilings
As we have stated on many occasions, there is no definitive list of what qualifies as plant or machinery for Capital Allowances purposes. Legislation does tell us what is not plant or machinery, such as a building or parts of a building, (walls, floors, ceilings, doors, gates, shutters, windows and stairs) that only function to provide the premises in which the business is conducted. Legislation, however, also specifies certain parts of a building which are deemed to qualify as plant or machinery. One such item is a ‘plenum ceiling’.

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Franchisees and The Carbon Reduction Commitment Energy Efficiency Scheme
The completion of the government’s consultation on the Carbon Reduction Commitment Energy Efficiency Scheme this autumn has confirmed one key point - that franchisors affected by the scheme will also carry the responsibility for the carbon dioxide emissions of their franchisees.

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Goodbye £1 Election, Hello £2 Election
In practice, where the seller wants to retain the benefit of the allowances, the Section 198 election amount will typically be £1 and the election will refer to all plant and machinery fixtures at the property. Even in cases where the election is for some other amount or a list of assets is attached it is unusual to see any kind of split of the total value. That is about to change.

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Energy and Tax Efficiency Challenges for Commercial Properties
Davis Langdon launched a series of joint seminars with the Carbon Trust on the 6th October in London. The seminar explored some strategies that could be adopted to help minimise energy consumption, whilst ensuring that tax savings are maximised through Enhanced Capital Allowances. In addition, with finance still limited, the Carbon Trust gave guidance on their interest free loan scheme for investment in energy efficient technologies.

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Remediation Commercial Management
An Integrated Approach to Cost, Tax and Risk

With the challenging market conditions the industry currently faces, and the increasing complexity of the remaining brownfield sites available for development, it is more important than ever that the commercial aspects of remediation are managed in the most efficient manner possible.

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Who is Banking Tax & Finance?
Banking Tax & Finance is one of the specialist teams within Davis Langdon LLP and has the skills to help clients become tax effective. This requires the planning and control of capital assets, primarily real estate; including expenditure on new buildings, or the planned maintenance and refurbishment of single assets or whole portfolios and identification of tax reliefs on purchased property.

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Economic Update - November 2009
Davis Langdon’s latest economic round up of the most recent and significant events. While policymakers and analysts are confident that the UK will be out of technical recession in the 4th quarter of 2009, this week’s data is still painting a mixed picture of economic activity. Globally, markets plunged on news of Dubai’s credit problems.

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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.