Hello,
Really quick one. If a company sells an industrial building for £200k, which cost £300k (i.e. giving rise to a capital loss of £100k) but for which it had claimed IBAs in the past totalling £150k, do we reduce the base cost by £150k, meaning there is actually a capital gain of £50k? Or do we just reduce the capital loss to zero? There is something in the back of my head that says we only restrict the loss but rather than create a capital gain? I can't find the legislation to back this up though so I'm worried I might be wrong!
Cheers