Capitalise on those allowances – a time limit reminder
In April 2014 new rules were introduced in relation to making claims for capital allowances on expenditure in buildings in prior years. The new provisions prescribe that for a purchaser to secure capital allowances they must enter into an election with the seller within 2 years after completion. If you work this backwards this means that any deals completed soon after the date this was introduced are now approaching the deadline. Purchasers who transacted in or soon after April 2014 risk losing out on the tax relief altogether if they do not obtain a signed election before April 2016. Not only will the purchaser lose out on their own relief, they will also restrict their ability to pass on the benefit of valuable tax relief when they sell on. The allowances will be lost forever.
Date: 24th March, 2016
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
“Good luck to everyone who has also made it as a finalist, I look forward to awards evening later on in the year”-L… twitter.com/i/web/status/8…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole