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A UK resident acquired a portfolio of commercial properties from his uncle in 2011. The uncle did not claim any capital allowances in respect of the properties
We act for a UK resident adult who was gifted a portfolio of commercial properties by his uncle in 2011. Since the gift this individual has declared the rental profit on his tax returns. We did not act for the uncle who held the properties as investments and declared the rental profit as such on his own returns.
The uncle purchased the various properties over a number of years but did not claim any plant/machinery capital allowances. Nor were any elections made under CAA 2001 s 198 when he acquired any of these properties.
We are aware that under CAA 2001 s 14 plant and machinery allowances may be claimed on assets gifted and brought into use by a trader such allowances being calculated on “the market value of the plant or machinery on the date when it was brought into use for the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
