It’s been 12 months since the Finance Act 2012 came into force and there are fears billions of pounds of capital allowances have gone unclaimed. Commercial landlords, don’t miss out on this tax break.
Market commentator Mark Tighe, managing director of Catax Solutions, says anybody owning a commercial property who hasn’t claimed their capital allowances will have a bitter taste in their mouth at the thought that over £2.1bn* may have been lost in tax relief in the past year.
Tighe adds: “What comes as no surprise is the continued lack of awareness of the potential for capital allowances relief that could be claimed on those properties where transactions are still proceeding.
“Gone are the days of allowing a little time to elapse before claiming your tax relief. Property owners are still missing out on the potential for substantial tax rebates – rebates which could be lost in perpetuity if they’re unclaimed at the point of sale.
“With numerous UK businesses looking to grow and purchase their own commercial premises in an improving economy, our advice is simple – make the time to check the capital allowances entitlement as this could make all the difference to your business’ future.”
www.cataxsolutions.com
*HMRC Property Statistics (21st April – 21st May) show that 114,560 non-residential property transactions took place between April 2014 and March 2015.
Of these transactions we predict that 10% would qualify for a capital allowances claim in regards to the Catax Solutions process, i.e. above £500,000 purchase price, qualifying owning entity.