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....
- EU eservices VAT change imminent 299 4
- Recourse to Accountant for incorrect accounts 2,319 20
- Should I move back home away from my office? 479 10
- Property income in different capacities 127 2
- ethical- to continue to act or not? 217 6
- Contract Hire of Vans for Limited Company 76 1
- Recharge for private use of a company car 416 10
- SATR - ommission of capital gains 134 1
- Scanners 184 4
- Overdrawn Directors Loan Account 139 1
- Solar panels - VAT and Capital allowances 241 3
- Payment plans for clients 157 2
- General rule: Evidence that the customer is in business 240 1
- Do most of you still use MS Office? 282 7
- Are any of you agents for doctors? 396 2
- P60 or payslips? 121 1
- IHT dilemma 1,391 21
- Warning for freeagent accountants using payroll import 200 1
- IT advisory questions? 196 5
- Entrepreneurs Relief 801 44
- Auto enrolment excuses 1,167
- Feedback on accounts production software for IFRS 799
- Add T&Cs to Sales Order in Sage 494
- Digita Hosted Software 322
- Credit where credit's due....... 280
- Director phone costs 240
- Buying goods in US and selling them to company in US 229
- What to say to Tom, Dick and Harry... 212
- Flat rate VAT- other income calculation 161
- how to object to registered company name... 143