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How not to claim…
Key points
- Proving entitlement to claim allowances is an essential first step before time is spent on valuations or apportionments.
- Annual investment allowances may only be claimed for the year in which the expenditure is incurred.
- In most cases the statutory restrictions for dwelling houses mean that allowances are restricted or denied altogether for non-commercial properties.
- Care is needed with houses of multiple occupation when subtle factual distinctions may lead to different tax outcomes.
The years 2018 and 2019 have been bumper ones for First-tier Tribunal decisions on capital allowances covering everything from tools to underground caverns to nuclear plants. Most have been concerned at least in some way with allowances for buildings or structures.
Capital allowances for properties
Structures and buildings allowances are now available for the newest commercial properties. But at just 2% a year – not to mention a major...
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