CFI: News Review
Commercial property owners in line for tax refund By Sarah Davidson if the claims report iden-
Brokers with access to com- mercial property owners can earn a fee by introducing these clients to Portal tax claims, a specialist capital al- lowance claims company that helps businesses claim tax back from Hmrc. Portal, a patron of the na-
tional association of com- mercial Finance Brokers, says 96% of businesses that own commercial property could be owed money by Hmrc in the form of capital allowances on fixtures, fittings, plant and machinery. this could be anything
from elevators, kitchens, bathrooms to air condition- ing systems within buildings as diverse as a local pub to a multi million pound hotel or office block. if no claim has been made
in the past, the current com- mercial property owner could be entitled to a cash rebate if they are a uK tax payer. the firm says as a rule of
thumb it will identify roughly 25% of the property value in unclaimed capital allow- ances and during a trial of its service, Portal reclaimed an average of £105,000 for each business. the firm charges 6% of the
capital allowances it identi- fies if the claim is successful and is offering financial ad- visers 10% of this fee if they refer clients who claim. once instructed, Portal
will identify possible claims on site and then conduct due diligence to ascertain if a claim has been made in the past. a building can only make one full claim in its en- tire lifetime.
tifies in excess of £25,000 worth of valid unclaimed capital allowances, Portal will proceed with the case which could see up to 50% of the value of the report refunded to the client. if less, Portal will give the
claims report to the client at no charge affording them the option of claiming with Hmrc directly. the proportion of the total
report value the client is en- titled to depends on the rate at which they pay personal or corporate tax and how much tax they have paid in the uK – anything from 20% to 50%. the process takes between
eight and 12 weeks and Portal stays in constant contact with the introducing adviser by email throughout the period. Shaun murphy, Portal’s
managing director, said: “this isn’t about loopholes or grey areas. it’s bona fide claims based on statutory law dat-
Pink Pig Loans rebrands logo and website By Nia Williams
Pink Pig Loans has rebranded its company logo and web- site to reflect the business’s growing position in the broker market. Pink Pig Loans’ recently launched, new-look website caters for both broker and consumer enquiries, and it has been designed to convey the twelve years’ experience and professional service that the packager aims to offer.
44 mortgage introducer FEBRUARY 2011
ing back to the 1800s. it’s a complex area which is why many businesses haven’t put in claims up to now. “as we only make a charge
if successful we would urge any commercial property owner to give us a call as they have nothing to lose and have potentially tens of thousands of pounds to gain. the worst case scenario for businesses is that all possible claims we identify have already been made, we bear the cost of the survey and report and we both walk away.” to qualify for a Portal re-
port, properties must be worth in excess of £200,000 and not be wholly owned by a pension fund, government body, trust, charity or devel- oper as corporate tax struc- tures prevent these entities from claiming capital allow- ances this way. Portal tax claims is part of
the Portal group which has reclaimed over £60m worth
James Rainbird, managing
director of Pink Pig Loans, explained: “It’s still the same name and the same team, but we’ve rebranded as we move further into the broker market for bridging and secured lend- ing.
“The new look has taken us
nearly six months to develop, and we feel that we have now achieved a corporate image that truly reflects the quality of service that we offer. While the original image of the pink pig is no longer present on the broker interface, consumers are still greeted by the famil- iar image when they visit the site.”
of mis-sold endowments and payment protection insur- ance for over 20,000 custom- ers since 2003.
Montello loan average completed within 72 hours By Nia Williams
Montello Private Finance, the London-based bridg- ing lender, has revealed that the average turnaround time from the time it received a loan application through to successful completion of the loan, was 72 hours during the month of December. The transactions com-
pleted during the month of December for Montello, included a loan against a property in the UK owned by a company incorporated in Belize. Another transac- tion during the month was a loan against a hotel in Vic- toria in Central London, in a deal worth just over £2m. Both of these transactions were completed within the 3 business day average for the month.
Christian Faes, managing
director at Montello, said: “This is proof that we are able to provide funding that is genuinely fast and flex- ible. We are not funded by a banking facility, so we don’t have to go to our bankers for approval on each deal - we make our own underwriting decisions internally. This al- lows us the flexibility to act very quickly when the deal fits the criteria of what we are looking to lend against.”
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