The lack of a finite definition of ‘plant’ continues to be the cause of disputes between taxpayers and HMRC. The courts have developed tests for deciding how to identify the dividing line between plant on the one hand, and buildings or structures on the other, and legislation has been introduced in an attempt to protect the revenue of the exchequer. Yet disputes still arise in respect of unusual types of expenditure, as evidenced by two recent cases (Urenco and Gunfleet Sands). These cases raised some unique considerations and added to the discussion as to what can qualify for plant and machinery allowances.
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:
The lack of a finite definition of ‘plant’ continues to be the cause of disputes between taxpayers and HMRC. The courts have developed tests for deciding how to identify the dividing line between plant on the one hand, and buildings or structures on the other, and legislation has been introduced in an attempt to protect the revenue of the exchequer. Yet disputes still arise in respect of unusual types of expenditure, as evidenced by two recent cases (Urenco and Gunfleet Sands). These cases raised some unique considerations and added to the discussion as to what can qualify for plant and machinery allowances.
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:
