BPRA and CGT
A quick question that I can't find an answer to....
If a claim to Business Premises Renovation Allowance has been made and the property is sold within 7 years, a balancing charge is made but if sold after 7 years there is no BC.
So if the property is sold more than 7 years after BPRA is claimed, is any Capital Gain calculated on (i) the excess of proceeds over the original capital cost of the property only or (ii) the excess of proceeds over the original cost of the property PLUS the renovation costs?
The former seems illogical to the idea that BPRA is an inducement to incur expenditure as it represents a claw-back of the allowance, the latter seems generous.
If the latter, can you point me to the legislation that confirms this?
- Any Scottish members out there? 8,954 337
- property rental income split 208 2
- VAT on stock sold at a loss 71 3
- Outsourcing iXBRL Tagging 237 11
- Payments on account coded out?? 273 1
- Late filing penalty for personal tax return. Reasonable excuse 296 9
- VAT registration for self employed dentist??? 224 7
- Mortgage deposit Gift 377 17
- What should I do for 'free' 549 6
- Declined for business bank account 475 7
- Negativer Payslip Request 220 3
- where has the honest passion to help gone..??? 657 14
- Family loan 1,165 16
- Getting VAT right for a sole trader pilot 144 5
- FIFA game and making money 1,228 12
- Use of home for storage 258 5
- App recommended by HMRC for record keeping 1,224 11
- Anyone out there with charity accounts experience 240 10
- Amending Share Capital 181 6
- Loan to a related company 340 14
- Raiders of the Lost Tax File 1,173
- Chartered Accountant in County Down N.Ireland 394
- IPP (International Pension Plan) income 308
- National Insurance 303
- valuation of intangible asset FRS10 and FRS20 256
- Cass 5 FCA Client Money Software recomendation 230
- Unnecessary S9A Enquiries 225
- Non Resident 208
- Franchise income and costs 195
- Hands on experience of Digita 137