Business Premises Renovation Allowances

Business Premises Renovation Allowances

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Hello
I have a client who purchased the building next to where they operate from with the intention of doing it up as it is very run down and then letting out as office space (they bought it in dec 2012).
On the HMRC website, I have entered their postcode and can confirm that they are situated in a qualifying area for disadvantaged areas relief. They seem to meet all of the other criteria too (unused for at least a year/used as a trade before/not used as a dwelling).
Does this mean that they will definately be able to claim relief on demolition of an old chimney (which they have already done) and all expenditure they are about to incur (which includes dry stone walling repairs and electrical rewiring?).
Thanks - just want to double check as they want to know how this will affect their Corporation Tax.

Chicka

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By Paul Soper
22nd Jun 2013 00:33

Con?sidered this...

http://www.hmrc.gov.uk/manuals/camanual/CA45100.htm etc - why did they demolish the chimney?  Dry stone walling repairs - how does this renovate business premises? (I am a city boy and we don't have dry stone walls in London...) electrical rewiring doesn't seem to be a problem though.  If it is renovation then it would seem to qualify if al of the other criteria have been met.  Unfortunately there is no clearance mechanism that I am aware of but it can't help to seek assistance - http://www.hmrc.gov.uk/manuals/nbcgmanual/NBCG2310.htm

 

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By louetoni
11th Jul 2013 09:33

Business Premises Renovation Allowance (BPRA) provides 100% tax relief upon capital expenditure incurred in bringing back into commercial use,disused commercial buildings within designated areas. From April 11 2012, qualifying expenditure is restricted to a maximum of €20 million every project and also the business proclaiming relief must not be in financial difficulty. There are a number associated conditions such as :

-the property must be disused not less than twelve months;
-the property must have been used by a business purposes, specifically not in use as a dwelling or part of a dwelling;
-the expenditure has to be capital expenditure or reconstruction with any incidental repairs.

devis entreprise électricité

devis installateur chauffage

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