HMRC ordered to issue closure notices
In Beneficial House (Birmingham) Regeneration and another v HMRC [2017] UKFTT 801 (7 November 2017) the FTT directed HMRC to issue closure notices within a few months of the decision.
The dispute related to claims made to Business Premises Renovation Allowance (BPRA) in respect of properties in Birmingham and Liverpool. BPRA is a capital allowance (CA 2001 part 3A) which allows taxpayers to claim 100% allowances in relation to certain types of capital expenditure on the conversion or renovation of unused buildings for business use where the building is located in a designated ‘disadvantaged area’. Both taxpayers were LLPs; and the intention was that any losses arising as a result of the BPRA claims would be relieved for individual investors against other income in the relevant tax year as sideways loss relief.
HMRC opened an enquiry and investors in both...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
HMRC ordered to issue closure notices
In Beneficial House (Birmingham) Regeneration and another v HMRC [2017] UKFTT 801 (7 November 2017) the FTT directed HMRC to issue closure notices within a few months of the decision.
The dispute related to claims made to Business Premises Renovation Allowance (BPRA) in respect of properties in Birmingham and Liverpool. BPRA is a capital allowance (CA 2001 part 3A) which allows taxpayers to claim 100% allowances in relation to certain types of capital expenditure on the conversion or renovation of unused buildings for business use where the building is located in a designated ‘disadvantaged area’. Both taxpayers were LLPs; and the intention was that any losses arising as a result of the BPRA claims would be relieved for individual investors against other income in the relevant tax year as sideways loss relief.
HMRC opened an enquiry and investors in both...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: