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Capital allowances available on second-hand assets
KEY POINTS
- The calculation of capital allowances for second-hand assets can cause confusion.
- Could a conservatory built to protect a swimming pool be plant?
- The tribunal comprehensively refuted the taxpayer’s four arguments.
- The importance of a realistic interpretation of the CAA 2001 requirements.
- There is no prescribed method of arriving at a “just and reasonable” apportionment of costs but all elements should be valued.
As reported in Taxation the First-tier Tribunal recently published its decision in Bowerswood House Retirement Home Limited v HMRC 2015 UKFTT 0094 TC.
The outcome of the case may not seem surprising but the decision does provide a useful reminder of the complexities of capital allowances in respect of second-hand assets.
Bowerswood House was once a private residential dwelling ...
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