Flat Conversion Allowances and CGT on Disposal
Hopefully somebody can clarify this...
Purchase property for £500K, spend £250K converting upper floors to Flats, then claim FCA on the 250K. All FCA qualifying conditions met and claim allowed by HMRC.
Original advice given by accountant was that on disposal of the property the £250K would be allowable expenditure to claim for CGT purposes even though the Flat Conversion Allowances were being claimed.
Disposal would be at profit and more than 7 years since project so no balancing charges to consider.
Thanks in advance....
- Director forgot to take salary for 2013/2014 2,267 13
- Do I Need A Balance Sheet? 208 4
- Errors in prior year accounts 814 21
- Entrepreneurs relief available? 301 7
- Filing FPS early with moneysoft 213 15
- Have we a distribution when we reduced our capital but it hadn't been registered? & tax implications in winding up 118 2
- VAT & capitalising 98 2
- What are options for non CA firm 1,963 36
- Invoice Help 237 7
- Summer evenings and ponderings of capital allowances 164 3
- Employee overpaid who has left 237 4
- Limited Company keeping receipts 228 3
- Sorry ignore me 904 24
- Donaldson v HMRC case being heard tomorrow! 582 5
- Have I dropped a major clanger? 359 5
- Free Shares ? 246 2
- Is this a scam? 570 7
- Rental property: expenses when up for sale and not let 300 7
- How do I calculate the VAT due (cash basis) on receipts which suffer a cis deduction? 282 6
- Purchase of freehold by flat management company 155 1
- Proposed Amendments to IAS 1 625
- Property exchange - 8-year legal delay following fall-out 532
- SAGE Payroll Data for Import to MS Dynamics AX 294
- Cancelled 285
- Cancelled 245
- Have you staged yet for auto enrolment? 191
- Sage Report Designer - Nominal Activity in Currency 189
- Probiz 175
- What's the market like for temps? 165
- Married woman dies owning marital home 165