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‘Capital Allowances’ Category

  1. PMA on Fixtures already Installed on Leased Land or Building

    November 30, 2011 by admin

    Where a fixture goes along with the leased property to a lessee, the owner of the fixture is determined by the particular facts of the case.

    Where the lessor was or would have been entitled to claim PMA on the fixture, and the lessee pays a premium for the lease that is treated as capital expenditure for the fixture, the lessor and lessee can elect to treat the lessee as the deemed owner of the fixture. If such an election is made, the lessee becomes entitled to claim PMA on the fixture.

    The lessor will then show a disposal event for the fixture.

    On the other hand, if the lessor was not entitled to claim PMA on the fixture, then the lessee, who carries on the qualifying activity in which the fixture is used, will be treated as the owner of the fixture entitled to claim PMA. This usually happens when the lessor is holding the fixture in a trading capacity and not for a qualifying activity.

    If it so happens that the PMA has already been claimed by another person entitled to claim it, for example, if the lessor had earlier leased the fixture to a person carrying on a qualifying activity (and claims PMA on the fixture), and subsequently grants a superior lease to another person, this latter person will not be entitled to claim PMA on the fixture.

    Where a lessee incurs expenditure on installing a fixture, and the lessor makes a contribution towards the cost, the latter can claim PMA on the contribution if the lessee, who is the deemed owner of the fixture, is entitled to PMA.

    It will be noticed that the rules relating to PMA are more than a bit complex. Taxpayers should consult a specialist on capital allowances for immoveable property to ensure that they claim what they are entitled to.

    For more information visit the authors site Cash Pension or Lump Sum Pension

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  2. PMA on Fixtures already Installed on Leased Land or Building

    August 14, 2011 by admin

    Where a fixture goes along with the leased property to a lessee, the owner of the fixture is determined by the particular facts of the case.

    Where the lessor was or would have been entitled to claim PMA on the fixture, and the lessee pays a premium for the lease that is treated as capital expenditure for the fixture, the lessor and lessee can elect to treat the lessee as the deemed owner of the fixture. If such an election is made, the lessee becomes entitled to claim PMA on the fixture.

    The lessor will then show a disposal event for the fixture.

    On the other hand, if the lessor was not entitled to claim PMA on the fixture, then the lessee, who carries on the qualifying activity in which the fixture is used, will be treated as the owner of the fixture entitled to claim PMA. This usually happens when the lessor is holding the fixture in a trading capacity and not for a qualifying activity.

    If it so happens that the PMA has already been claimed by another person entitled to claim it, for example, if the lessor had earlier leased the fixture to a person carrying on a qualifying activity (and claims PMA on the fixture), and subsequently grants a superior lease to another person, this latter person will not be entitled to claim PMA on the fixture.

    Where a lessee incurs expenditure on installing a fixture, and the lessor makes a contribution towards the cost, the latter can claim PMA on the contribution if the lessee, who is the deemed owner of the fixture, is entitled to PMA.

    It will be noticed that the rules relating to PMA are more than a bit complex. Taxpayers should consult a specialist on capital allowances for immoveable property to ensure that they claim what they are entitled to.

    For more information visit the authors site Lump Sum Pension or Cash Pension

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  3. Capital Allowance Consultants

    August 10, 2011 by admin

    Portal Tax Claims LLP is a firm of capital allowance consultants. We offer terms that few other industries, if any at all, can match. For example, which industry offers to do the work free unless it can find value to the extent of ?25,000 for you? That is exactly what we do; we’ll survey your property and unless we can find capital allowance claims to that extent, our report is free to you.

    There are huge amounts of unclaimed capital allowances on property in UK. This happens mainly because computing capital allowances on property is quite complex, requiring more than accounting and taxation expertise. Capital allowance on building cannot be based on the entire purchase price of the building but has to be claimed on the value of specific fixtures.

    Valuing fixtures that form an integral part of the building is far from simple when you have paid a single price for building and the fixtures that came with it. Valuing them correctly requires specialist valuation expertise. That is what we bring to work with your existing advisors and help you claim the full amount of capital allowances you are entitled to.

    We are capital allowances consultants who focus in that area, and thus have gained a great deal of practical experience as well as familiarity with the thinking of tax authorities on what is allowable and what is not. It is this kind of familiarity that allows specialists deliver superior value to their customers. (When you are working in a field for any length of time, you gain insights that are just simply not available to amateurs.)

    We do not seek to replace your existing accounting and taxation consultants. Instead, we work with them to deliver value to our customers. With no upfront fees and no separate survey fee, you will find our terms surprising affordable. Particularly because you won’t pay anything unless we can identify substantial tax savings opportunities for you.

    As experienced capital allowance consultants with a 100 percent success rate, we are confident that we can quickly identify substantial tax saving opportunities and deliver value that will surprise you!

    For more information visit the authors site Claiming Capital Allowances and Capital Allowances

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  4. PMA on Fixtures already Installed on Leased Land or Building

    July 12, 2011 by admin

    Where a fixture goes along with the leased property to a lessee, the owner of the fixture is determined by the particular facts of the case.

    Where the lessor was or would have been entitled to claim PMA on the fixture, and the lessee pays a premium for the lease that is treated as capital expenditure for the fixture, the lessor and lessee can elect to treat the lessee as the deemed owner of the fixture. If such an election is made, the lessee becomes entitled to claim PMA on the fixture.

    The lessor will then show a disposal event for the fixture.

    On the other hand, if the lessor was not entitled to claim PMA on the fixture, then the lessee, who carries on the qualifying activity in which the fixture is used, will be treated as the owner of the fixture entitled to claim PMA. This usually happens when the lessor is holding the fixture in a trading capacity and not for a qualifying activity.

    If it so happens that the PMA has already been claimed by another person entitled to claim it, for example, if the lessor had earlier leased the fixture to a person carrying on a qualifying activity (and claims PMA on the fixture), and subsequently grants a superior lease to another person, this latter person will not be entitled to claim PMA on the fixture.

    Where a lessee incurs expenditure on installing a fixture, and the lessor makes a contribution towards the cost, the latter can claim PMA on the contribution if the lessee, who is the deemed owner of the fixture, is entitled to PMA.

    It will be noticed that the rules relating to PMA are more than a bit complex. Taxpayers should consult a specialist on capital allowances for immoveable property to ensure that they claim what they are entitled to.

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