15 June 2006
Seven years ago, Mr and Mrs A purchased personally a freehold hotel for £450,000. A limited company, with Mr and Mrs A as equal shareholders, was formed to undertake the day-to-day trading activities. A hotel business had previously operated from the same premises for many years. The cost was apportioned as to £75,000 for fixtures, fittings and equipment and £375,000 for premises. No value was attributed to goodwill and no capital allowances have been claimed in respect of the fixtures, fittings and equipment.
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