Hot Topic – Capital Allowances

posted on April 15, 2014in the Blog Category

Hot Topic – Capital Allowances

Capital Allowances (“CAs”) are a very important tax benefit for commercial property owners.   Changes to the rules came into force on 1 April 2014 and introduced the ‘pooling requirement’ for any commercial property bought or sold after this date.  This means that the expenditure on assets qualifying for CAs within the property has to be identified and pooled/ documented.   If the seller doesn’t meet the ‘pooling requirement’, the purchaser (and any future purchaser) will be unable to claim anything on the inherent fixtures and fittings.   Both the seller and the purchaser need to formally agree to the value being placed on these assets within 2 years of the sale, or go to Tribunal for a ruling.   It is very important to consider CAs carefully, especially where a sale or purchase of a property is concerned, to prevent any unclaimed tax relief being lost forever!   Joanne Cooper, Associate Director

Written By: MBL

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