New complex Capital Allowance legislation
This affects commercial property transactions, which most are aware of, however don’t understand how to apply it.
Understanding and applying this legislation is difficult, resulting in many advisors exposed to negligence claims and tax savings being lost entirely.
Why run the risk of getting this wrong when our legal pack service is available.
Our team of specialists can prepare legal packs specifically for each commercial property transaction. This service provides advice, prepares the relevant legal documentation and reviews aspects of the property relating to property capital allowances.
Why Take This Risk?
Are you comfortable dealing with the challenges below:
Are You Buying?
Are the replies to the Commercial Property Standard Enquiry (CPSE.1) valid? If not, do you know why and how to challenge?
Is there a clause inserted into the Purchase Contract that reflects the parties involved in the transaction specifically and enables you to claim any available tax savings post completion? Standard templates cannot simply be inserted, do you know why?
Is your Section 198 Election valid? Do you know when a S198 Election is invalid?
Are You Selling?
Can you complete Section 32 of the CPSE.1? If this section doesn’t appear to apply to you or you’re not sure what information is required, do you know the risks attached to an empty Section 32?
Does the Purchase Contract have a clause that suits your preferences to keep or sell capital allowances? Does it reference capital allowances? Every transaction should and templates are not a simple fix.
Have you prepared a Section 198 Election? Do you need to? Is it valid? Section 198 Elections are not always required however when they are, very few are done correctly.
Peace of Mind
Let us complete your legal pack taking the risk and responsibility away from you for a fixed cost.
What our Legal Pack Includes:
Acting for Purchaser?
Commercial Property Standard Enquiries (CPSE.1) – we will review the Vendors responses to Section 32 of the CPSE.1. Advise, challenge etc
Purchase Contract – the correct clauses are crucial. We will provide the appropriate clauses to be inserted into the Purchase Contract. This ensuring the Purchaser has the ability to secure any available tax savings (without delaying the transaction).
Section 198 Election – we will supply a valid S198 Election and the required supporting documentation so legislation is satisfied and the available Capital Allowances are secured by the Purchaser.
Acting for Seller?
Commercial Property Standard Enquiries (CPSE.1) – Section 32 relates specifically to the Property Capital Allowances clarifying the Vendors position. We will complete this section and pass to the acting solicitor.
Purchase Contract – the correct clauses are crucial. We will provide the appropriate clauses to be inserted into the Purchase Contract. This ensuring the Vendors wishes are secured as planned.
Section 198 Election – we will supply a valid S198 Election and the required supporting documentation so legislation is satisfied and the remaining Capital Allowances are secured by the Vendor.