Retrospective capital allowance claim on commercial property
I have a client that has several investment properties and we have recently engaged the services of firm of Chartered Quantity Surveyors in order to perform a capital allowances review on these properties. The report has identified a significant value of expenditure on items qualifying as plant and machinery. My questions are:
- In order to claim these capital allowances, do I have to resubmit corporation tax returns and computations, for each of the years in which expenditure was incurred? If not, what is the best way to do this?
- I understand that there have been changes in legislation regarding capital allowances on commercial property, effective from April 2012. Will this affect the claim?