Garbutt + Elliott Advise on £2.4M Capital Allowances Savings

Garbutt + Elliott’s specialist capital allowances service has assisted property company The Helmsley Group claim tax allowances worth a total of £2.4m relating to two recent properties acquired in York.

Garbutt + Elliott’s dedicated in-house capital allowances team, led by partner Jeremy Oliver, carried out the claims on the Mill House, an historic granary warehouse now occupied by North Yorkshire Police, and East Coast House, the headquarters of Virgin Trains East Coast Mainline Company.

Ian McAndrew, director The Helmsley Group, said: “We enjoy working with Garbutt + Elliott as the firm’s tax team is on hand locally and are proactive in their advice and support. This is especially true with the capital allowances claims we have worked on together, and the considerable savings they have made for our clients.”

Since launching its in-house capital allowances service in May 2016, Garbutt + Elliott has saved its clients millions of pounds of tax.

Garbutt + Elliott partner, Jeremy Oliver said: “Our blossoming relationship with The Helmsley Group enabled us to work closely with them to make considerable tax savings for their syndicate members, in relation to Mill House and East Coast House, which represent two recent purchases of York’s prominent commercial office buildings along the River Ouse.

“It’s great to be able to support our clients in this way and make considerable savings.  We look forward to working with the group further in the future on both the existing portfolio and further acquisitions.”

Capital allowances can be claimed on internal fixtures such as plumbing, heating and air conditioning, alarms and emergency lighting.  The claims can be as high as 40 per cent of the building cost.

Head of business tax at Garbutt + Elliott, Rob Durrant-Walker, said: “We work closely with all our clients that hold commercial properties, to identify capital allowances savings where possible. In these examples, the Helmsley syndicate members will save tax of between 19 and 40 per cent from these allowances.

“As well as working with clients once they have a property, we work with many through the purchase and sale of properties to help with potential capital allowances claims at each stage.”

The Helmsley Group bring together private clients and syndicates to make investments in residential and commercial properties which have the potential to provide good levels of returns on a medium to long term basis.

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