In M Shaw v HMRC [2021] UKUT 100 (TCC) (28 April 2021) the Upper Tribunal held that an LLP was entitled to industrial buildings allowances (IBAs) in respect of buildings which remained unused throughout its period of ownership.
In 2004 the LLP purchased a number of buildings which had been used by the previous owner in its manufacturing trade but which had fallen into disuse for the last 13 months. The LLP instructed agents to market the site to attract potential tenants and extensive active marketing took place. Those efforts were unsuccessful and the LLP sold some of the buildings in 2005 and the remainder in 2006. It claimed IBAs on the basis that there was a period of ‘temporary disuse’ of the buildings beginning when the previous owner stopped using them and ending on the disposals by the LLP so...
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In M Shaw v HMRC [2021] UKUT 100 (TCC) (28 April 2021) the Upper Tribunal held that an LLP was entitled to industrial buildings allowances (IBAs) in respect of buildings which remained unused throughout its period of ownership.
In 2004 the LLP purchased a number of buildings which had been used by the previous owner in its manufacturing trade but which had fallen into disuse for the last 13 months. The LLP instructed agents to market the site to attract potential tenants and extensive active marketing took place. Those efforts were unsuccessful and the LLP sold some of the buildings in 2005 and the remainder in 2006. It claimed IBAs on the basis that there was a period of ‘temporary disuse’ of the buildings beginning when the previous owner stopped using them and ending on the disposals by the LLP so...
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