In 2014 new legislation came into force that dictated how Capital Allowances should be treated at the point of disposal or acquisition of a commercial property owned by a UK taxpayer.
These New Rules continue to be very misunderstood and the consequences underestimated. We see more and more examples where a property transaction has taken place and the new rules have not been implemented correctly, if at all, and the net result is taxpayers are losing a benefit that they should have been entitled to. In addition to this, property advisers are exposed to negligence claims.
- Are you in the process of buying/selling a commercial property?
- Have you bought a commercial property prior to April 2014?
- Have you bought or sold a commercial property since April 2014?
- Have you completed significant property improvements to a commercial property you own or lease?
If the answer to any of these questions is yes, please call and let our expertise clarify the situation.
Case History – what can be lost?
One of our clients lost in excess of £160,000 in a transaction which was over two years old and could not be repaired and all parties thought they had implemented the new rules correctly.
Could this be you?
Case History – what can be gained?
When legislation is understood and applied properly, significant tax savings can be secured. The case study attached illustrates a transaction where both the Vendor and Purchaser have secured tax savings and the property advisers involved are not exposed to the risks.
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Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.