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More than meets the eye
KEY POINTS
- Commercial property standard enquiries cover various aspects of a property transaction.
- Replies to CPSE capital allowances are an important starting point when advising the buyer.
- However the replies rarely provide enough information to determine the buyer’s capital allowances claim.
- Responses must be reviewed critically to protect the buyer’s valuable capital allowances.
Commercial property standard enquiries (CPSEs) are typically raised by the lawyers acting for the buyer of a commercial property. They contain many detailed sections the last of which (section 32) is concerned with capital allowances.
The accountants acting for the vendor will generally be asked to complete section 32 giving details of the property’s capital allowances history. Somebody acting for the buyer will then need to appraise the replies and unless (exceptionally) the buyer’s solicitors wish to take...
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