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What if you have purchased a commercial building since April 2014 and have not dealt with your capital allowances position at the time of the legal transaction? ALL IS NOT LOST!
Additional items were added to the capital allowances ‘pot’ in April 2008. Items such as; general power, heating, lighting, cold water systems, thermal insulation and solar shading. These integral features can amount to as much as 15% of the purchase price paid and are not affected by the fixed value requirement. This means that EVEN IF your sale contract is silent, or EVEN IF the available allowances are restricted to a nominal value such as £2, you can still claim for these additional, valuable items.
The circumstances
Claiming for these items is known as an overage claim. As explained, an overage claim is a separate claim entirely and is available when the vendor, from whom the property is purchased, purchased the property prior to April 2008. Where a vendor purchased property prior to April 2008, they will have never been entitled to claim for these additional overage items. You see, at the time they acquired the property, the ‘overage items’ were not an allowable cost and so they would never have been entitle to claim under these rules. To establish the overage entitlement, it is important to identify when your vendor purchased the property and undertake a full site survey so that the qualifying integral features can be identified.
Let YesTax help.
We can undertake the necessary due diligence, perform a full site survey and valuation exercise, and secure these valuable tax savings for you. It may be that you’re entitled to more than just an overage claim. Yes!