A Southampton property tax expert has helped a leading property company make significant tax savings over the refurbishment of an iconic London landmark.
Piccadilly Lights, the iconic advertising space at London’s Piccadilly Circus and one of the UK’s most recognised landmarks, had a digital makeover and was re-launched by owners Landsec, the largest commercial property development and investment company in the UK.
Viewed by more than 100 million people who pass through Piccadilly Circus each year, Piccadilly Lights has been owned by Landsec since 1968. This latest upgrade replaced the original patchwork of LED screens with a single state-of-the-art 4K LED digital screen.
The screen includes a live technology hub which allows it to react to certain external factors, such as the weather or temperature. This feature enables brands to display creative and innovative content, such as weather-appropriate clothing.
Following the major redevelopment in October 2017, Landsec turned to property taxation specialists, Ocean Village headquartered E3 Consulting, earlier this year to undertake the capital allowances analysis of this multi-million pound project.
Alun Oliver, E3 Consulting’s Managing Director said: “Having worked with Landsec on a number of capital projects over the years, we were delighted to be asked to undertake this unique and fascinating project where we were able to identify nearly 85 per cent of the expenditure as eligible for tax relief through capital allowances”.
Martin Worthington, Tax Director at Landsec commented: “We were pleased to have the trusted support of E3 on what was a large-scale and important project for Landsec, the Lights and our London community.”
Alun and wife Nicky, also a Director, founded E³ Consulting in 2003 and the firm is celebrating its 15th anniversary of providing property tax consultancy services to a wide range of asset managers, business owners, developers, investors, occupiers, private clients and family offices.
- E3 Consulting is an award winning independent property taxation specialist, founded in 2003 and based in Ocean Village, Southampton, that enables clients to benefit from significant tax savings on property expenditure. Based in Southampton and London, E3 Consulting provides advice on CIL, capital allowances, land remediation, repairs and maintenance and VAT to clients throughout the UK. Project expenditure levels range from £500,000 up to £650m and spanning all sectors.
- E3 Consulting is particularly active in commercial real estate, healthcare, leisure & hospitality, automotive, offices and high-end residential projects. It has identified the availability of additional tax relief in more than 80% of the projects it has reviewed. Fees are typically value-based and contingent on the tax savings achieved. Most client work is ‘direct to the market’ where the appointment comes from a business/property owner or their finance or tax director.
- E3 Consulting also collaborates with professional intermediaries and consultants who are in some way related to property and construction but do not have in-house property tax expertise; including architects, planning consultants, surveyors, and environmental consultants as well as supporting solicitors and accountants with specialist property tax input. E3 Consulting provides a complimentary, no obligation online HealthCheck to assess potential tax savings.
- E³ Consulting’s team has wide ranging experience in saving money for clients across all property sectors including, amongst others; Newbury Racecourse, Snows Motor Group, British American Tobacco plc, Manhattan Loft Corporation, Captain’s Club, Christchurch, QinetiQ, Various Care & Nursing Homes, Travelodge and Christchurch Hotels Limited, Gordon Ramsay, Hendy Group, as well as numerous private residential projects upon which we have provided significant CIL and VAT savings in Hampstead, Regents Park, Bayswater – outer London including Richmond, Barnes, Kingston Upon Thames, St Georges Hill as well as across the UK where LPAs have adopted CIL.
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