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ROB DURRANT-WALKER looks at claiming capital allowances on fixtures
KEY POINTS
- Fixtures must be integral to the building.
- An interest in the land is crucial.
- Special rules for energy service providers.
- Make thorough documentation of change of ownership.
- Restrictions on disposal values.
The legislation concerning capital allowances on fixtures attached to land and buildings - for example alarm systems lifts and cremators - was introduced in 1985.
This followed the decision in Stokes v Costain Property Investments Ltd [1984] STC 204 in which no one was able to claim allowances on fixtures in a building. References in the article are to Part 2 Chapter 14 of the Capital Allowances Act 2001 unless stated otherwise.
Definition
Section 173(1) defines a fixture as ‘plant or machinery that is so installed or otherwise...
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