Just a thought...

I recently received an email from the Law Society and their capital allowances partners Catax Solutions. I was about to file it away when I decided to give it another look. Although the report Capital allowances: Seizing the opportunity is directed at solicitors I believe that it makes interesting reading for tax practitioners as well.

Whose responsibility

The report notes that: “FA 2012 has fundamentally changed the landscape of capital allowances and placed a much higher emphasis on the role of conveyancing solicitors in ensuring this tax relief is not lost at the point of acquisition or disposal. From April 2014 onwards solicitors acting on property transactions are obliged to raise the issue of capital allowances relief with their clients. This is because the changes to capital allowances rules mean that purchasers and sellers have to protect their right to claim allowances early ...