Capital Allowances - Is it time to act?1.05.2013
The Finance Act 2012 introduced changes to Capital Allowances which means that if you have a legal interest in a leasehold or freehold commercial property then you may need to act quickly to protect any potential capital allowance entitlement.
Before April 2012 you could choose when, and whether, you made a capital allowances claim on your commercial property. It is estimated that the vast majority of property owners either did not claim at all or did not claim anything like their full entitlement. There was also no specific requirement to pass the details of what had and had not been claimed onto a new owner when selling the property.
The new rules will make it mandatory to fully audit commercial property in order to record what capital allowances can be claimed. If you are selling a commercial property before April 2014, then you may have a fairly simple choice:
1. Act to claim the full capital allowances back for yourself
2. Allow the future owner to claim the benefit instead.