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How new rules affecting buyers and sellers of property are working in practice
KEY POINTS
- FA 2012 introduced two key capital allowances requirements to be met when buying and selling property.
- Failure to meet those requirements can be expensive for both parties.
- The complexities arise from the interaction of the newer rules with the existing provisions for fixtures.
- Accountants and lawyers need to ensure they are clear about who is doing what and about when valuation expertise is required.
Finance Act 2012 introduced new capital allowances rules affecting anyone buying or selling commercial property. After a two-year transitional period the rules are now fully operational.
The statutory changes in question now at CAA 2001 s 187A and s 187B are not unduly complex. In practice the changes brought in by FA 2012 usually boil down to two simple “requirements”:
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