February Poll: Capital Allowances

Despite being a complicated area of tax law, and one that demands specialist advice, the Law Society has placed responsibility for Capital Allowances with law firms who will need to demonstrate that they have determined whether their clients can pursue a prospective claim or not.

Capital Allowances planning enables clients to obtain a tax benefit of up to 5% or 10% of the property purchase price, which often runs to 5 or 6 figure sums. Generally any commercial property or any residential buy-to-let property which has been let to multiple occupants qualifies for a claim.

The Law Society Practice Note detailing a solicitor’s responsibility on Capital Allowances came into effect on 1st April 2014, so we’re asking:

Capital Allowances – A capital idea or a real headache?

Capital allowances – a consistent picture of inconsistency? With Nick Dyoss