Capital Allowances and HMO
It has been suggested that Capital Allowances can be claimed on a property operated/used as a HMO (House with Multiple Occupancy). I believe this is on the basis that communal areas are not regarded as dwellings.
Can readers help with any informatiion on this subject, in particular suggesting which items are likely to atttract capital allowances and at what rate are these allowable? Can claims be back-dated (and tax repayments claimed) for up to 6 years in the event a property of that nature has been acquired during that period? What happens if a property on which capital allowances were claimed is sold? Is tax on the capital allowances effectively clawed back by HMRC in any way? Are there any CGT implications - for example are any capital allowances claimed applied in an effective reductiion of the aquisition costs of the property?
Any comments and assistance will be gratefully received.
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