Commercial Property – a tax haven?

posted on April 2, 2013in the Blog Category

Commercial Property – a tax haven?

Commercial Property can be a tax haven so long as your Solicitors and Accountants fully understand what they are doing when you either acquire or sell a commercial property. Typically, a new modern office building will have a plant within the building, that qualifies for tax relief, of 25-30% of the total cost of the building. Some of this spend will only get tax relief of 8% per annum on a reducing balance basis which means that relief won't have been fully claimed until 36 years after purchase! With careful planning, in advance of an acquisition, is it possible to move a significant proportion of the expenditure into a category where 100% relief would be available. Planning steps also need to be taken when a property is sold in order that the relief previously claimed isn’t clawed back! It is fair to say that, for many Accountants and Lawyers, planning to maximise this opportunity is often missed due to lack of knowledge but, here at Milner Boardman, we have a specialist team, including surveyors, who are very experienced at capturing what can be a very valuable relief. It is vital that you consult us prior to reaching a contractual stage of any commercial property purchase/sale. Tony Collier, Managing Partner

Written By: MBL

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