From 1 April 2012 capital allowances in respect of commercial property are due at a rate of 8% in respect of integral features and 18% in respect of other fixed plant and machinery.
The Finance Bill 2012 introduced revised legislation in respect of claims to capital allowances on commercial property following on a change of ownership. This revised legislation may have a dramatic effect on the availability of capital allowances to the new purchaser of a property post 1 April 2012.
This will affect all sales after 1 April 2012 so it is important that you consider all of the properties currently in your portfolio to ensure that all capital allowance claims are maximized now in order to preserve the availability of capital allowances moving forward.
If this is something that may be relevant to you please contact us for further advice.