Broadly, the ‘new’ rules stipulate that the vendor must pool all allowances on which they were entitled to claim and enter into an election with the purchaser to fix the value of the assets to be transferred. If the capital allowance position is not resolved within two years of the transaction date then the ability to claim allowances will be lost.
Government Legislation Change 2014
Working alongside your solicitors, BDO/Roger Hannah can provide assistance in ensuring that the appropriate clauses to facilitate the claims for capital allowances are included in the purchase contracts. The ‘new’ rules can become complex however we have expertise in ensuring the process is managed in a timely fashion so as not to delay the property transaction.
We offer focused advice for:
Commercial Property Owners
We answer all the important questions for property owners including the 5 steps required to maximise their financially beneficial tax relief.
Accountants
We understand the challenges when progressing a claim and were here to alleviate that difficulty, because ultimately it is vital that tax returns are completed correctly and your clients claims are maximised.
Solicitors
We summarise the 2012 and 2014 Government Legislation rule change and the direct impact that it demands for solicitors and their clients.
We also receive instructions on behalf of buyers pre-purchase, ensuring that the maximum level of capital allowances can be identified and claimed post purchase.
Free Consultation | 0161 429 1662
With only a few minutes of your time, we can deduce whether progressing to our next free due diligence stage would be a beneficial engagement for both you and your property.