The time limit for claiming Capital Allowances on the purchase of a property varies depending on the circumstances of the case. If a property was purchased before April 2014 there is no time restriction for retrospective claims which means that you can start reviewing your property costs today and potentially unlock a significant tax benefit.
If a property was purchased after April 2014, there could be a 2-year time deadline from completion to claim these allowances. However, the 2-year deadline doesn’t always apply as it’s subject to several factors relating to the purchase. We actively encourage all transactions to be reviewed as Capital Allowances can often be claimed after 2 years have passed.
If you have carried out property improvements to a freehold property, or even a property that’s leased, there is no time restriction in claiming.
Learn more about crucial capital allowance time frames and also take a look at an example of when deadlines have been missed and what the consequences were.
