Capitalisation of leased property first fit out costs
If a new property is fitted out by the landlord to the tenant's specification and the fit out costs are recharged to the tenant subsequently, should the painting costs be capitalised as part of leasehold improvements (on the grounds that it is capital by virtue of being the first fit out)?
If this is the position then there would be no tax relief available to the tenant (as there is no P&L expense and as leasehold improvements will not qualify for capital allowances)?
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