The Bourne Agenda

By Emily Martin

Recent Trends

Dilapidations are breaches of conditions under a lease of property to repair a building. Such breaches can take many forms, but redecorating, replacing carpets, or repairing a broken window are some common examples.

By Peter Reynolds

Finance Acts 2007 and 2008 introduced the phasing out and abolition of Industrial Building Allowances (IBAs) and Agricultural Buildings Allowances (ABAs) by 1 April 2011. With the rules for Enterprise Zones being encapsulated within the IBA legislation, are the rules for Enterprise Zone Allowances (EZAs) also being abolished?

By Justin Lyon Taylor

The First-tier Tribunal (Tax Chamber) Special Commissioners have now released the second decision in respect of JD Wetherspoon plc v The Commissioners for HMRC [TC00312]. The original appeal that took place in June 2007 related to the treatment of expenditure eligible for capital allowances within public houses and was adjourned for the parties to consider whether outstanding points could be dealt with by agreement. This did not prove possible and a second hearing took place in June and July 2009 as the First-tier Tribunal (Tax Chamber).

By Michael Hunt

Before making a claim for capital allowances, it is necessary to ensure that there is an entitlement to a valid claim. If the entitlement conditions for the specific allowance is not satisfied at the beginning, substantial analysis of capital expenditure may be carried out only to establish that no claim can be made.

By Denise Montes

By Emily Martin

There has been a great deal of focus over recent years on the availability of Research and Development (R&D) tax incentives to invest in innovation in the UK. For companies developing new products, processes, materials or services, it is likely that R&D will be carried out and tax incentives will be available.

By Claire North

Finance Act 2009 introduced new requirements for Senior Accounting Officers (SAO) of large companies. The main duty of the SAO, as set out in the legislation, is that "The senior accounting officer of a qualifying company must take reasonable steps to ensure that the company establishes and maintains appropriate tax accounting arrangements".

By Peter Reynolds

On 29 June 2009, changes were made to the size of the loan and size of business supported by the Carbon Trust loan scheme. Small or medium-sized businesses (SMBs) in England, Scotland, Wales and Northern Ireland can borrow from as little as £3,000 up to £400,000 (previously the loans were set at £5,000 to £200,000).

By Justin Lyon Taylor

On 21 July 2009, HMRC issued a technical note to prevent tax avoidance schemes involving capital allowances on plant and machinery. This will apply where an entitlement to claim capital allowances is transferred and the main purpose of the transfer is to access capital allowances where the tax written down value of the plant and machinery exceeds its balance sheet value. These are referred to as "latent" capital allowances.

Since the introduction of the Remediation of Contaminated Land Tax Relief in 2001, there have been various discussions and debates with HMRC as to whether Japanese Knotweed was a contaminant and met the qualifying conditions for the relief.

Following consultation on tax incentives for development of brownfield land over the last two years, Finance Act 2009 will see the introduction of changes to the Remediation of Contaminated Land Tax Relief aimed at clarifying what qualifies and extending the relief to long term derelict land.