How to value integral features on EU FHL

Posted by Hanleymail PM | on Fri, 10/02/2012 - 16:11 299 2 comments | report

Client purchased an apartment in Portugal. We want to claim capital allowances on the integral features. We know how much the apartment cost and we have a list of all the equipment. A guide we have read says 25% to 30% of the value but how do we decide this in practical terms? To what extent does this need to be investigated? Thank you

Comments

I suggest you read :

TaxationPete | Sat, 11/02/2012 - 09:52 | Permalink

I suggest you read :

http://www.hmrc.gov.uk/manuals/pimmanual/PIM3010.htm

and the associated links.

Regards Peter

Integral features

Paul Scholes | Sat, 11/02/2012 - 10:34 | Permalink

Hi - Integral features exist within the fabric of the building rather than separately identifiable equipment, that is covered by normal Capital Allowance. Have you had a read through HMRC's specific manual on this?

I've only ever done this for a UK property so don't know whether anything differs for an EU property, however it's advisable to get a property surveyor to value the IFs, I wouldn't know where to start on valuing it.