Capital Allowances claim on trading premises

Capital Allowances claim on trading premises

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Client purchases an office in 2006 for £200k.  No capital allowances are claimed at the time but they have since had a report prepared that states capital allowances are available on 30% of the cost.  

Does this mean that in preparing the tax return for the year to 5th April 2011, the annual investment allowance is available and the £60,000 can be claimed in full?   

Thanks for any guidance.

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By Marion Hayes
14th Sep 2011 22:54

No

Any allowances due should have been claimed at the time of purchase. Failing to do so means you waived that claim to First Year allowances, if available, and wda in date years. You could amend  the last return to claim wda 2009/10 and carry on in 2010/11. 

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