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  • Tax - Capital allowances election for fixtures in buildings
    Capital allowances election for fixtures in buildingsWhen a commercial building is sold the seller and the purchaser can agree to apportion part of the price to fixtures which qualify for capital allowances, i.e. plant, machinery and integral features, included with the property. Where an apportionment is made, subject to conditions and restrictions, they can jointly elect for the value to be effective for capital allowances purposes.  choosing to make an electionFor the purchaser of a previously owned building...
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  • Tax - Capital allowances for fixtures in buildings record
    Capital allowances for fixtures in buildings recordSince April 2014 it has been crucial for prospective buyers of second-hand commercial buildings to ensure that the seller has allocated their expenditure on fixtures to a capital allowances pool before the sale. If they haven't, then the buyer won't be able to claim capital allowances on them. Therefore, it's important to have an up-to-date record of all expenditure on fixtures and the capital allowances claimed.Identify the fixturesFor the seller. To ensure...
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