The 2011 March Budget saw a number of positive measures introduced to move the country from ‘rescue to recovery’. In particular, the lifetime limit for entrepreneurs’ relief was increased, the availability of BPRA was extended for a further five years and measures aimed at simplifying the REITs regime were announced. A number of SDLT anti-avoidance provisions were introduced, and other SDLT changes are causing a degree of uncertainty in otherwise ‘plain vanilla’ transactions. The VAT decisions in Finnamore and UK Storage Co are helpful in establishing the VAT treatment of storage units and what constitutes a ‘building’ for those purposes.
