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.
- 18 November 2022
Autumn Statement 2022 changes to capital allowancesOn Thursday 17th November 2022, Jeremy Hunt, Chancellor of the Exchequer, took to the podium revealing the UK government’s plan to stabilise finances and retrieve losses with the new Autumn Statement. We have taken a look to better understand how capital allowances have been affected and this is...
- 15 November 2022
What does a capital allowance assessment include for an office?There are many different ways in which people set up their office business. Some people may have built or renovated a property, and some will have bought the building. Others will simply rent a room from another party and use this as their office. A capital allowance assessment will calculate the...
Our expert team are here to help answer any of your capital allowances questions or enquires you have about your commercial property.