Is a grain silo plant?

Since capital allowances were invented accountants and businesses have struggled to determine whether certain items should be classified as “plant”, and hence qualify for higher capital allowances, or whether the expenditure was on a building or...

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Entrepreneurs’ relief conditions fudged

In the 2018 Budget the Chancellor announced that two additional conditions would apply with immediate effect to the definition of a “personal company”, to ensure that only shareholders with true material stake in the company can claim...

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Entrepreneurs’ Relief (ER) – share disposal update

The 2018 Budget has caused significant concerns for shareholders in companies that have multiple share classes carrying different rights and entitlements (also known as alphabet shares). The new proposed rules change the definition of ‘personal...

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VAT in the construction industry

The way VAT is accounted for in the construction industry will change from 1 October 2019. Draft legislation has been published, along with a variety of guidance notes, explanatory documents and policy papers. In this article we will work through...

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Readers’ forum: Inheritance headache – Business property relief applicable to legacy

I have a case in which the deceased left a will with a legacy of the nil rate band to his two daughters in equal shares. The definition of the legacy set out in the will is ‘such sum as is equal to the upper limit of the nil per cent rate band in...

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