Capital Allowances
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Under Section 55 of the Capital Allowances Act 2001, persons might be entitled to balancing allowances and liable for balancing charges when a long-life asset is sold. These are computed separately for each pool of qualifying expenditure. If the qualifying expenditure is less than the amount received on disposal of ... (Read More)
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In certain circumstances one sale price will have to be apportioned between distinct assets that are covered under one sale contract with a common price. For example:
? You might sell land with an attached asset that is eligible for capital allowance claims. In such a case, the price attributable to ... (Read More) -
Capital allowance replaced the “wear and tear” allowance that was allowed originally. The term “wear and tear” probably expresses the idea behind the allowance better. What capital allowance does is to allow you to write off the cost of long-life assets over their useful lives.
For non-accountants, the distinction between ordinary ... (Read More)
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Business Premises Renovation Allowance (BPRA) is a tax allowance provided by HMRC in UK to provide an incentive to renovate derelict or unused properties and bring them back into use. Provided the business premises thus converted or renovated is in a disadvantaged area, 100% of the qualifying expenditure can be ... (Read More)
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If you are a property owner who has claimed capital allowances, you should carefully review the possibilities and arrange things in a manner to retain the tax savings you had received from the capital allowance claims. If you have not claimed capital allowances, but could have claimed it under relevant ... (Read More)
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If you are a person who owns furnished holiday lets in UK or Euro zone, you can reduce the tax you pay not only on the rents of property but also on the salaries and dividends you receive in UK. The savings can be substantial and can help cope with ... (Read More)
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To understand the significance of claiming capital allowance on partnership property, it is helpful to understand the different tax treatments of income from partnerships and joint ownerships.
Partnership profits are treated, well, as the profits of the “partnership,” a tax entity on its own. These profits are taxed according to rules ... (Read More)
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Where a fixture goes along with the leased property to a lessee, the owner of the fixture is determined by the particular facts of the case.
Where the lessor was or would have been entitled to claim PMA on the fixture, and the lessee pays a premium for the lease that ... (Read More)
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Where a fixture goes along with the leased property to a lessee, the owner of the fixture is determined by the particular facts of the case.
Where the lessor was or would have been entitled to claim PMA on the fixture, and the lessee pays a premium for the ... (Read More)
