ALUN OLIVER and JAMES DANIELS review HMRC’s consultation on capital allowances reform
KEY POINTS
- Mandatory pooling of capital allowances within a short period.
- Record of agreement of sale price relating to fixtures.
- Is this the end of £1 elections under CAA 2001 s 198?
- Claim all historic expenditure – or lose it!
- The increased administrative burden.
- Will HMRC impose cost over value?
On 31 May 2011 HMRC published a consultation paper proposing important changes to the capital allowances regime on fixtures in buildings.
Although HMRC admit their inability to cope with the current flow of capital allowances claims and to properly apply the existing rules and case precedents they have...
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