Capital allowances

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Practice notes
Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...
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9th Nov
Practice notes
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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Produced in partnership with Martin Wilson 12th Jan
Practice notes
Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
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Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan
Practice notes
It is market practice for a tax covenant, also known as a tax deed, to form part of the transaction documents in respect of a sale of all the shares...
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9th Nov
Practice notes
The reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are described in Practice Notes:...
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Produced in partnership with Zoe Feller of Bird & Bird 12th Jan
Practice notes
It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...
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Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan
Practice notes
This Practice Note is about the meaning of a scheme of reconstruction for tax purposes.Tax neutrality is maintained where a company (company A) enters...
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9th Nov
Practice notes
This Practice Note explains:•what a determination in respect of direct tax (ie a direct tax determination) is•when HMRC might issue a direct tax...
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Produced in partnership with Philip Rutherford 12th Jan
Practice notes
Where a dispute is brought to an end by a payment of damages or compensation, whether under a court order or an out-of-court settlement agreement:•the...
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9th Nov
Practice notes
A damages or compensation payment may attract VAT. This depends on exactly what the payment is for. If it is purely compensatory, it will be outside...
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9th Nov
Practice notes
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
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9th Nov
Practice notes
The Enterprise Investment Scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax...
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9th Nov
Practice notes
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
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Produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 12th Jan
Practice notes
The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...
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9th Nov
Practice notes
The international movement of capital rules should be considered whenever:•any non-UK tax resident subsidiary (referred to in this note as a foreign...
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9th Nov
Practice notes
This Practice Note:•explains:◦the purpose of the tax indemnity clause that is normally found in a loan agreement, and◦that the standard drafting of...
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9th Nov

Most recent Capital allowances content

Practice notes
This Practice Note sets out how the capital allowances rules interact with the rules relating to:•capital gains tax, including corporation tax on...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
A taxpayer may be able to obtain tax relief for expenditure on fixtures by claiming plant and machinery allowances. For more on the availability of...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Capital allowances for plant and machinery are given only if specifically claimed by completing the relevant boxes on an annual tax return.Allowances...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
This Practice Note describes the law and practice relating to elections under section 198 or 199 of the Capital Allowances Act 2001 (CAA 2001), which...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Certain items of plant and machinery (see Practice Note: Plant and machinery allowances—definition of plant and machinery) are classified as ‘integral...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Capital allowances are available for qualifying capital expenditure on know-how where the acquirer is not within the corporate intangibles tax regime...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th Jan
Practice notes
Where a transfer of assets (as opposed to a transfer of shares) results in the transfer of a trade or other qualifying activity, the capital...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Capital allowances are available and provide a deduction for capital expenditure on acquiring two particular types of intangible fixed asset:•patents...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th Jan
Practice notes
Capital allowances for plant and machinery are given only if specifically claimed by completing the relevant boxes on an annual tax return.Allowances...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
This Practice Note is about capital allowance-related pre-contract enquiries on a property transfer. It applies to the grant of a new property...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Research and development (R&D) capital allowances are available to all taxpayers carrying on a trade, not just companies. Therefore, an individual, or...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th Jan
Practice notes
For both plant and machinery allowances and structures and buildings allowances (SBAs), anti-avoidance rules exist to prevent persons from obtaining a...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
What is an enhanced capital allowance?An enhanced capital allowance (ECA) is a tax relief for businesses on their investments in certain categories of...
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Produced in partnership with Begonia Filgueira FIEMA of Acuity Legal 15th Jan
Practice notes
Capital allowances are the means by which a taxpayer can obtain a deduction when calculating taxable profits for some, but not all, forms of capital...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Provisions exist to ensure, generally, that assets may not be transferred between connected persons in such a way as to accelerate capital allowances...
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Produced in partnership with Martin Wilson 15th Jan
Practice notes
Expenditure incurred on or after 29 October 2018 on non-residential structures and buildings which does not qualify for plant and machinery allowances...
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Produced in partnership with Martin Wilson 14th Jan
Practice notes
What are capital allowances?Capital allowances are the means by which tax relief is given for some (but not all) capital expenditure. They are...
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Produced in partnership with Martin Wilson 8th Jan
Precedents
[Date][Transferor's name and Unique Taxpayer Reference (UTR)][Transferee's name and UTR]Election to apportion the price of fixtures under section 198...
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Produced in partnership with Martin Wilson 8th Jan
Precedents
[Date][Grantor's name and Unique Taxpayer Reference (UTR)][Grantee's name and UTR]Election to apportion the price of fixtures under section 199 of the...
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Produced in partnership with Martin Wilson 8th Jan
Precedents
1Capital allowances1.1In this clause 1:CAA 2001•means Capital Allowances Act 2001Fixtures•means those items forming part of the Tenant’s Works which...
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Produced in partnership with Martin Wilson 8th Jan

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