Changes to the tax rules back in 2008 hugely expanded the range of costs potentially attracting these tax breaks. Further changes introduced in 2012 (but partly operative only from April 2014) have turned traditional tax planning in this area on its head.
Whilst the rule changes will affect those buying new properties, refurbishing existing ones, or simply claiming for old expenditure, you will be most affected if you are buying or selling used commercial premises. Failure to jump through the right hoops from April 2014 could mean a permanent loss of tax relief for both parties.
The allowances can be complex and always need to be considered alongside other forms of tax relief to ensure the best, long-term tax result. Contact us to find out how you could benefit from tax relief for property fixtures.