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Fitting it all together
Key points
- Land remediation relief is available on residential and commercial property owned by companies.
- The structures and buildings allowance has applied to new commercial buildings and conversions since October 2018.
- Fixtures claims must be made for plant and machinery expenditure because this is excluded from the SBA.
- The base cost for capital gains tax is not affected by plant and machinery allowances when the property is sold at a profit.
- For an individual property owner who has SBA expenditure there could be an overall tax saving if their top rate of income tax at 40% is higher than their capital gains tax rate.
Some decisions on the tax treatment of property will have repercussions now or later for other taxes but as long as these are factored in when discussing options with the client they may be acceptable or even allow a double dip at tax relief. ...
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
