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A taxpayer cannot claim capital allowances in respect of “dwellings.” However, capital allowances are available for some residential properties that are deemed to fall out with the statutory definition of a dwelling for example the common corridors or lift cores. Businesses operating as residential care homes for the elderly or privately-run prisons are able to benefit from capital allowances. In addition, plant and machinery allowances are available for the common areas of student accommodation and other HMO properties.
Residential developers may also be able to benefit from 150% Land Remediation Relief where they have to deal with remediation qualifying contaminates such as the removal of asbestos.
For further information on how Cavetta Consulting can help download the attached brochure.