Capital allowances: Duty of care

Previously on AccountingWEB I have discussed capital allowances and the difficulties of accurately assessing and processing them when it comes to fixtures, fittings and integral building features, explains STax founder Andrew Stanley.

s187a & s187b CAA2001 (contained in Finance Act 2012) changed how the transference of capital allowances work when a building changes hands. Mandatory pooling is with us from April 2014. In short if capital allowances have not been correctly pooled, recorded and a transfer value fixed, the opportunity to claim them simply disappears.

Taxpayers who have not been advised correctly stand to lose...

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