Fixtures that are integral to commercial buildings are often overlooked for tax purposes; in short they get lost when property changes hands. They are worth finding again, as they may amount to up to 35% of the actual cost of a building (and much more in some extreme cases). This case study shows that property owners and their advisors should take a closer look at this area of tax when buying or selling commercial property or they may lose valuable tax relief
The topic of lost allowances seems to either be totally ignored or regarded by many practitioners as some highly specialist topic that does not affect them on a day to day basis. It is not rocket science the key to finding missing allowances for your clients is:
- understanding the basics of the fixtures l...