Annual investment allowance qualifying expenditure
In Hoardweel Farm Partnership v HMRC (TC02097 – 5 July) a farming partnership comprised a married couple and a company of which they were the directors. The partnership claimed an annual investment allowance under CAA 2001 s 38A. HMRC rejected the claim on the basis that the partnership was not a ‘qualifying person’ as defined by s 38A(3). The First-tier Tribunal dismissed the partnership’s appeal against this decision.
Why it matters: CAA 2001 s 38A(3) provides that for the purpose of the annual investment allowance a qualifying person includes ‘a partnership of which all the members are individuals’. The First-tier Tribunal upheld HMRC’s view that because one of the partners was a limited company the partnership was not a ‘qualifying person’.
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Annual investment allowance qualifying expenditure
In Hoardweel Farm Partnership v HMRC (TC02097 – 5 July) a farming partnership comprised a married couple and a company of which they were the directors. The partnership claimed an annual investment allowance under CAA 2001 s 38A. HMRC rejected the claim on the basis that the partnership was not a ‘qualifying person’ as defined by s 38A(3). The First-tier Tribunal dismissed the partnership’s appeal against this decision.
Why it matters: CAA 2001 s 38A(3) provides that for the purpose of the annual investment allowance a qualifying person includes ‘a partnership of which all the members are individuals’. The First-tier Tribunal upheld HMRC’s view that because one of the partners was a limited company the partnership was not a ‘qualifying person’.
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