Is a capital allowances claim possible on a gifted property?
A husband purchases a residential property in his own name and then gifts it to his wife. It then subsequently becomes a furnished holiday let meeting the qualifying criteria to claim capital allowances. The question is therefore "Is the wife entitled to claim capital allowances and if so will the basis for this claim relate to the original purchase price?"
My gut instinct tells me a claim is not possible but I am more than willing to stand (or sit) corrected. Pointers to the applicable law in this case would also be appreciated.
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