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JEANETTE EDMISTON and ROSS MCNAUGHTON discuss the effect of changes to rules relating to claims for fixtures on newly acquired buildings
KEY POINTS
- Claiming allowances for fixtures.
- Checking the previous owner’s history of claims.
- Elections under CAA 2001 s 198 or s 199.
- Mandatory pooling.
In the past when it came to commercial property transactions members of the tax department were often the last to know what their clients had been doing over the previous year. It was only when the time came to prepare the tax return that they discovered what had taken place.
With the recent changes to the fixtures rules this will have to change as timing will be everything and the only way that the right decisions can be made will be for property advisers and tax professionals to work much more closely together.
The changes that have heralded this new requirement for closer collaboration are those to...
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