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Capital Allowance

Tax Specialists

01327 340 408

07964 434 932

Capital Allowances

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Frequently Asked Questions

Some FAQ’s from our last Email on
Property Capital Allowances

 

Q: What are Multi-lets?

2 or more tenants in a property will qualify for Property Capital Allowances. It does not need to be an HMO.

Q: Do Buy-to-lets qualify?

No – must have 2 or more tenants.

Q: I have large mortgages on my HMO’s – can I still claim?

Yes – whatever mortgages you have in place they do not affect your ability to claim Property Capital Allowances.

Q: I am waiting for my HMO license – when can I claim?

Straight away – no need to wait.

Q: I am buying subject to receiving planning consent – when should I claim?

If it is a conditional contract wait until you receive the planning approval.

Q: I have exchanged contracts but have a delayed completion date – when can I claim?

You can claim straight away.

Q: I recently bought a warehouse and have now converted it into flats – can I claim against the 30% rate?

- You cannot claim against the warehouse – it is now too late

- You can only claim against the flats if you are renting them as a Landlord, otherwise you will be classed as a ‘Trader’ because the flats are treated as stock.

Q: I am buying an office block from NHS – can I claim?

Yes at typically 30% of the purchase price and because the NHS can’t claim Capital Allowances, they will definitely be available to you.

Q: We are buying an empty care home next month to develop – how much and when can we claim?

Care homes attract up to 45% of the purchase price if you claim straight away,  however, these allowances will be lost when you start developing.

Q: When I buy a commercial property how will I know if the Capital Allowances have been claimed?

Under the 2014 new law the seller must declare what has been claimed.  It is our responsibility to correctly validate, on your behalf, what has been claimed.

 

Bank Street, Lincoln

Purchase Price: £721,100

Allowances Identified: £124,655

Tax Savings: £52,854

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Call now for an illustration:

01327 340 408 or 07964 434 932

Bill Loryman - Managing Director

Rangemore Road, Inverness

Purchase Price: £208,390

Allowances Identified: £38,812

Tax Savings: £15,524

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