Case Studies

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An In Depth Knowledge of Building Pathology And Cost Can Maximise a Taxpayer’s Capital Allowances Claim

Accountants often request the assistance of capital allowances surveyors in the identification and valuation of fixtures qualifying for tax relief. A sound knowledge of buildings is particularly useful in instances where the information provided does not allow a claim to be made without the need for an estimate of the construction cost of the building.

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Research is the Key to Ensuring Claims are Maximised

Back in 2008, additional items of plant were included as qualifying items, namely general power, general lighting and cold water installations. The qualifying status was not applied retrospectively to current owners, as at that date, therefore current owners were not able to claim on these newly qualifying items of plant. This means that purchasers, buying a property from vendors who have owned the building before 31 March 2008 could be entitled to a substantial amount of capital allowances, despite the vendor having claimed and insisting on a £1 joint election.

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Proper Prior Planning Maximises Claims

Capital allowances and other tax reliefs are given at various rates; these include Land Remediation Relief at 150%; Annual Investment Allowances, Revenue Deductions and Enhanced Capital Allowances (ECA’s) at 100%; Main Pool Plant at 18% and Special Rate Pool Plant at 8%. Therefore, with a some forward planning it is possible to ensure the specification and packaging of the claim will maximise the tax relief available; subject to it maintaining that the building is fit for purpose.