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Fixing relief
Key points
- Is the business eligible to claim capital allowances?
- To claim for qualifying fixtures in the purchased property the relevant allowances must first be pooled by the vendor.
- Consider the asset’s full history and the entitlement of each previous owner.
- Integral feature uplifts can identify up to 15% of the purchase price as qualifying for special rate pool allowances.
- For purchase claims and improvement expenditure there is no time limit to identify assets which qualify for capital allowances so long as the business still owns the asset.
Capital allowances represent the tax relief available to businesses on their capital expenditure. In addition to allowances available on expenditure on purchasing assets and improving a business’s existing assets relief may also be available for the fixtures present in buildings bought through a property transaction.
Basics – who can claim
The first step is to consider whether the business...
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