Two important decisions in the capital allowances field handed down by FTT

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“The FTT has handed down two important decisions in the capital allowances field, addressing both the common law “plant” question and the application of the statutory override rules in ss.21-23 Capital Allowances Act 2001.

The cases relate to complex assets in the energy and nuclear industries. Urenco Chemplants Ltd & Anor v Revenue & Customs [2019] UKFTT 522 (TC) relates to assets in a nuclear reprocessing plant and nuclear safety features, while Cheshire Cavity Storage 1 Ltd and EDF Energy (Gas Storage Hole House) Ltd v Revenue & Customs[2019] UKFTT 498 (TC) relates to gas storage cavities.

Jonathan Peacock QC and Michael Ripley appeared in Urenco and Jonathan Peacock QC in Cheshire Cavity.”