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?
- Whats the best way to keep my accounts? 32 1
- Property versus Trade in a Ltd Company 116 4
- Whats the best way to keep my accounts? 57 3
- When will Private Principal Residence Relief cut will start? 331 8
- Dividend paid to non-shareholder 146 2
- What aspects of accountancy/book-keeping most trouble people 71 1
- Snotty HMRC letter - continued 580 17
- Dispensation pointless ? 251 4
- Accountant Pays Clients Tax 590 11
- Are bankruptcy restrictions order becoming more common? 191 4
- Charge out rates in London? 190 2
- Accounting jobs in the UK 93 1
- Negative retained earnings & Dividends 154 3
- pre letting expenses 151 2
- Expat working back in UK 102 3
- Are contractor travel expenses 95 1
- Who owns SAGE Data? 411 8
- Audit Exemption new rules 279 6
- change of paye software 509 13
- Which software for practice books? 477 19
- Desperately seeking Susan, Sam or anyone with any other name 742
- Experience with Islamic investor following Sharia-compliant rules? 477
- Darwinpay Partnership Assessment 293
- How to format a stock book 252
- Foreign income on Self Assesment 209
- S464A Charge to tax: conferring benefit & BIK 206
- Tax efficient holding company structure 194
- Investment property company accounts template 186
- Outlook 2007 with business contact manager not loading on new laptop 180
- auto enrolment - calculation of first pension deduction 163