Johnston Carmichael’s construction and property incentives team advised on a record £290m of commercial property projects last year. Among the notable projects that it supported were the Radisson RED Hotel in Glasgow, the Glenrinnes organic gin and vodka distillery near Glenlivet and a large industrial portfolio on behalf of a major UK property fund based in London.
The team was formed in 2013 to provide strategic advice on capital allowances in the built environment. It has extensive knowledge of a wide range of commercial property and infrastructure projects including offices, industrial, sports stadia, hotels, agriculture and renewables. To date, the team has advised on projects totalling £1.6bn since its inception.
In its last fiscal year, the team worked on £290m of property projects. Office projects accounted for the greatest proportion of the work it advised on, contributing £70m of the total, followed by industrial at £46m and hotels at £45m.
The team is led by experienced surveying and construction professionals, Michael Murray and Robert Winters.
Michael Murray, partner and head of construction and property at Johnston Carmichael, said: “Our approach is to get involved as early as possible be it a transaction, refurbishment or a new build project. We can begin by adding value in the initial stages and advising on contractual issues on a property transaction, or by engaging with a client’s design team in order to identify the relevant capital allowances and incentives.
“Coming from a non-accountancy background means we can offer something different to our clients. Our surveying, construction and engineering experience enables us to be the valuable communication link between the worlds of accountancy, property and construction.”
Construction and property incentives enable businesses to get tax relief on capital expenditure on commercial property and infrastructure developments. Johnston Carmichael’s in-depth knowledge assists in mitigating the associated financial burdens by providing strategies and options to maximise a capital allowances position.
The five-strong team brings significant industry experience which allows them to interact effectively with architects, consulting engineers, project managers, lawyers and accountants alike.
Susie Walker, Head of Tax, Johnston Carmichael, added: “Since our construction and property incentives team was founded in 2013 it has advised a wide range of projects across the UK and has become a trusted advisor to our clients. We’re extremely proud of our specialists and the role they play in our award-winning tax team.”