With the fixed value rule (see previous blogs) now in play the stakes have been cranked up when buying or selling commercial real estate. But what approach should we take when advising our clients?
We would always advise that the parties to a transaction have the capital allowance conversation as early as possible. Full article: Best practice in transactions
Following on from our last blog we are going to be looking further at what could distort the tax computations in relation to a S198 election.
The opening line of S.198 CA2001 reads as follows “this section applies if the disposal value of a fixture is required to be brought into account…” s.198(1). Full article: What will distort the tax computations in relation to a S198
FA2012 s.43 Sch 10 brought in several requirements that need to be satisfied when buying or selling commercial real estate and transferring fixtures [see previous blogs]. It was decided that bringing in a transitional period for the new legislation would make everything easier for the tax payer and their advisors. Full article: Is the new CA legislation in effect for my transaction or not?
April 2012 new legislation came into effect with the stated aim of stopping double claiming of capital allowances where a property has changed hands. The more cynical would point out that this will inevitable cause many perfectly eligible fixtures to simple not qualify in anyone’s hands. This will result in a substantial gain for the Treasury Full article: Capital allowance changes, FA2012 s.43 Sch 10 – In brief