Capital Allowances on Fixtures
The treatment of fixtures in buildings for capital allowances purposes has been amended from April 2012:
- Expenditure on qualifying fixtures must be pooled before a sale for the new owner to be able to claim capital allowances.
- Thereafter the purchaser and seller need to make an election to split the total proceeds between the building and fixtures. The split is up to the parties to agree, as long as it does not exceed the original cost.
There are transitional rules, until March 2014, that permit claims by a purchaser where the seller has made no claim.
Date: 12th April, 2012
Articles from this Author
1st November, 2018
Budget 2018 - Changes for businesses
22nd October, 2018
Making the most out of your home? Rent a room relief
3rd May, 2018
Tax changes for non-resident corporate landlords
4th April, 2018
EMI options - a current risk
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Sandy Bell, Partner in Rickmansworth considers the merits of Furnished Holiday Lettings in Optima magazine… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole