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Allowances transfer
Is it too late to claim capital allowances on properties acquired three years ago?
We act for a UK resident adult who was gifted a portfolio of commercial properties by his uncle in 2011. Since the gift, this individual has declared the rental profit on his tax returns.
We did not act for the uncle who held the properties as investments and declared the rental profit as such on his own returns.
Allowances transfer
Is it too late to claim capital allowances on properties acquired three years ago?
We act for a UK resident adult who was gifted a portfolio of commercial properties by his uncle in 2011. Since the gift this individual has declared the rental profit on his tax returns.
We did not act for the uncle who held the properties as investments and declared the rental profit as such on his own returns.
The uncle purchased the various properties over a number of years but did not claim any plant/machinery capital allowances. Nor were any elections made under CAA 2001 s 198 when he acquired any of these properties.
We are aware that under CAA 2001 s 14 plant and machinery allowances may be claimed on assets gifted and brought into use by a trader ...
