Capital allowances are available to UK property owners, occupiers and investors.

Qualifying capital expenditure incurred on certain buildings, fixtures and chattels will attract specific amounts of tax relief, which are available for offset against taxable profits.

This valuable form of tax relief is, in most cases, either under-claimed or not claimed at all due to a lack of understanding or application of the legislation and case law governing the availability of the relief.

Property Transactions and Capital allowances

Capital allowances can be available on the purchase of second-hand assets.

There are tests and restrictions which must be met that ensure that the ‘new’ owner is restricted in its claim to the original cost of the asset.

We can undertake a detailed site survey to identify qualifying assets of plant and machinery and prepare a valuation of such (backdated to the original date of purchase). The valuation is essential and without such your accountant cannot prepare your claim.

It is interesting to note that tax aware parties can often negotiate an adjustment to the property purchase price to reflect the agreed capital allowances position. It is therefore important to establish both the capital allowances history of a property as well as its structural condition during the pre-acquisition due diligence.

For more information, you can call JDB on 0151 486 3437.

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