New Capital Allowance rules on fixtures
From 1 April 2014 all purchasers of second hand property must consider Capital Allowances.
If the seller has claimed full Capital Allowances an election should be made at an agreed disposal value. If no election is made or the parties cannot agree on the transfer value an application to the Tax Tribunal for a direction must be made within 2 years.
If the seller has not claimed all available Capital Allowance then the seller should consider if they wish to claim these before disposal or extract value and market them on. For the buyer to claim allowances these need to be quantified and the seller needs to claim for these.
Date: 23rd May, 2014
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