Industrial Buildings Allowances

Industrial Buildings Allowances

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Hello

I am just completing a company tax comp, where the client has sold an industrial building for less than the residual value b/f. I understand that no balancing allowance can be claimed on this, as it has been phased out. Can anyone confirm and perhaps provide a link for guidance?

Thanks in advance
Anon

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By AnonymousUser
25th Jul 2008 15:16

CGT on Forfeited Deposit
Hi
A Business property was sold in acution and buyer paid 10% deposit
(£75,000) and could not complete, therefore buyer forfeited deposit of £75,000. Th Asset is still left with the client.

Would the receipt be treated as capital sum derived from the sale of asset and subject to CGT?

CG12946 suggests that forfeited deposit is not treated as disposal of right over the asset.

If it is to be treated as taxable receipt can taper relief be claimed at full rate because property was bought more than 3 years ago.

Any help will be greatly appreciated.

Mahmood

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