Tax Depreciation

Our Tax Depreciation Team consists of chartered engineers and tax professionals, who work extensively in preparing optimised and compliant tax depreciation reports (TDRs).

Certain expenditure on plant and machinery (P&M) may qualify for capital allowances over a period of eight years. Expenditure on certain energy efficient equipment may qualify for 100% write off in the year of expenditure. A comprehensive and considered TDR will optimise a claim for capital allowances which may reduce a company’s tax liability significantly.

Those who may avail of capital allowances include: 

  • property developers developing new buildings, retro-fitting or renovating existing buildings;
  • landlords / owner-occupiers carrying out refurbishment or fit-out projects; and / or
  • tenants who carry the burden of ‘wear and tear’ of qualifying P&M.

Identifying qualifying expenditure on P&M for capital allowances purposes is a complex area as there is no legislative definition as to what constitutes ‘plant’. Reference must therefore be made to the extensive body of case law and our experience. Whether an item of P&M qualifies must be determined by:

  • reference to the facts; 
  • the nature of the trade; and 
  • the function of the item in the trade

William Fry Tax Advisors was awarded Ireland Tax Firm of the Year and Impact Deal of the Year at the International Tax Review European Awards 2019 in London. 

Click on the image below to download our Tax Depreciation Report.

Tax Depreciation Report

Our Tax Depreciation Team holds professional qualifications in:

  • taxation – AITI Chartered Tax Adviser (CTA)
  • construction project management;
  • town planning; and
  • chartered engineering. 

The team has gained considerable experience in the construction sector, both in consultancy and on site. Therefore with our combined technical skill-sets and knowledge-base we have the requisite experience to engage with construction design professionals to compile comprehensive Tax Depreciation Reports (TDRs) on behalf of our clients.

Recent work includes the preparation of TDRs for: 

  • a 6-storey office building over double story basement in the heart of Dublin;
  • a warehouse refurbishment into high specification office accommodation;
  • a protected structure converted into public amenity space; and
  • a considerable extension to an existing office building.

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Department

  • William Fry's Tax team have been described as "professional, well informed and forward thinking" as well as being a "responsive and partner-led tax practice issuing practical advice." One client notes that the team has an abundance of "knowledge, experience, professionalism and the ability to apply lateral thinking and multi solutions." Another client adds that they have "an excellent range of tax knowledge both locally and internationally." They are very "responsive and helpful, and we fully trust the advice that we receive."  Legal 500 2020
  • There's a real broadness, a client states "You can talk to one person who has a legal, tax and international perspective all in one".  Other sources appreciate the client-centric service provided by team members: "We've got a great relationship with the team and we find them to be very effective. They really demonstrate their commitment to client service". ​Chamber Europe 2019  
  • "William Fry's commitment to client service is excellent", says one source, who also praises "their real breadth of knowledge and willingness to allocate the people required when there is a need for a quick turnaround." Another reports that the "technical depth, exposure and experience of the senior team set them apart." Chambers Europe 2018
  • "Sources assert that "from a technical perspective they are clear and direct." Interviewees also value the team's "responsiveness to client needs and commercial awareness." Chambers Europe 2017
  • William Fry’s practice includes Sonya Manzor, who ‘devises well-thought-out tax strategies’ for clients such as King Digital Entertainment. International tax specialist Shane Wallace recently handled various real estate tax structuring and transfer pricing issues. Legal 500 EMEA 2017
  • "The firm is very responsive and has great resources, including access to a global network of tax advisers, which benefits us internationally and is a fantastic asset. The firm's ability to provide both legal and tax advice really ensures everything fits together." Chambers Europe 2016
  • Martin Phelan leads a ‘highly professional’ team at William Fry. It advised the Department of Finance on the potential capital restructuring and sale of its 99% investment in Allied Irish Bank, and also assisted IAG and EirGen Pharma. The group also has a significant private client practice and notable property expertise. . Legal 500 EMEA 2016

Team

Martin Phelan

  • According to  Legal 500 2020, "Martin Phelan is the top tax adviser in Ireland. Martin’s straight-talking, honest approach ensures that he is a go-to individual for any advice. Martin is an incredible resource." Another client adds that he is a "stand out Partner" and one of their " most valued business partners." 
  • Martin is described by market commentators as "technically superb and grounded in the basics."  Chambers Europe 2020
  • Martin is a highly experienced tax consultant who is best known for his expertise in international tax. "He's very bright," explains one satisfied client, elaborating: "It's his pragmatic solutions and ability to look beyond the immediate problems, even to give warnings ahead of time. We are able to run things by him and he's very accessible, which we find very helpful." Chambers Europe 2019
  • Martin receives praise from his clients for "ensuring a blend of a technical and practical approach which is very digestible to the client and is easy to implement as a result." He is well known in the market for his international tax expertise. Chambers Europe 2018 
  • Martin Phelan International tax specialist Martin Phelan is described as a "top guy" and "very switched-on." Chambers Europe 2017

Sonya Manzor

  • According to clients, Manzor is "technically very good, commercial in her approach and gives excellent client support." Chambers Europe 2020 
  • "I really admire the way that Manzor is able to review advice and drill into the key technical points and make very sensible, constructive comments on the tax issues," enthuses one highly impressed interviewee. Chambers Europe 2019
  • The "outstanding" Sonya Manzor is a key name in the corporate tax space. Legal 500 2018 
  • Clients describe her as "a very talented individual and creative thinker." She assisted with the sale of Phillips 66's interests in the Whitegate Oil Refinery. Chambers Europe 2018
  • Sonya Manzor is "well renowned for her technical expertise in a broad spectrum of tax matters, including inward investment, corporate reorganisations and M&A transactions". Chambers Europe 2017
  • Sonya Manzor is the firm's most prominent corporate tax lawyer, coming recognised for her "tremendous knowledge and experience. She understands direct and indirect tax in Ireland, the EU and the US. She is instrumental in coming up with creative ideas to get around the problems we face."  Chambers Europe 2016

Ted McGrath

  • According to clients, Ted McGrath offers "practical, concise, sound and logical commercial advice," with another client stating they "turn first to Martin Phelan and Ted McGrath at William Fry." Chambers Europe 2020 
  • Ted McGrath debuts in the rankings this year on the back of strong client endorsements. "McGrath gives very pragmatic and direct advice," reports one pleased client, adding: "He can weigh up the commercial aspects of the deal." Chambers Europe 2019

Key Contacts

Brian Duffy Partner

Martin Phelan Tax Partner with William Fry Tax Advisors Ltd