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ANDY WELLS considers capital allowances and embedded fixtures in light of a recent tribunal decision
KEY POINTS
- Claiming capital allowances on newly purchased property.
- HMRC guidance is at odds with the legislation.
- First-tier Tribunal case negates the need for new rule.
- Implication of introducing a pooling window.
Capital allowances were the subject of a number of consultations in May this year.
This article is concerned with the paper Capital Allowances for Fixtures which identified what HMRC saw as a risk of a ‘significant tax loss to the Exchequer’ arising from a duplication of relief when capital allowances are claimed by the new owner for fixtures in a building that has changed hands even though there...
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