Can I claim 100% tax relief on refurbishment expenditure for unoccupied commercial property?
I ve heard that is possible to claim 100% tax relief on refurbishment expenditure for commercial property that has been unoccupied for 12 months, within certain designated areas. Is this correct and if so are there any restrictions? Our response… As of 11 April 2007 Business premises renovation allowance came into effect, having been legislated for in the Finance Act 2005. The allowance has been designed to accelerate regeneration in designated areas, by bringing empty property back into use. This will not only improve the environment for those living and working in the area, it will provide employment once the properties are brought back into use for business. The law provides a capital allowance of up to 100% of the renovation expenditure (but not the purchase price) which would be capital expenditure. Revenue expenditure will attract tax relief in the normal way. If the claimant does not claim the full 100% in the first year, an allowance of 25% on cost (that is, on a straight lin
I ve heard that is possible to claim 100% tax relief on refurbishment expenditure for commercial property that has been unoccupied for 12 months, within certain designated areas. Is this correct and if so are there any restrictions? Our response… As of 11 April 2007 Business premises renovation allowance came into effect, having been legislated for in the Finance Act 2005. The allowance has been designed to accelerate regeneration in designated areas, by bringing empty property back into use. This will not only improve the environment for those living and working in the area, it will provide employment once the properties are brought back into use for business. The law provides a capital allowance of up to 100% of the renovation expenditure (but not the purchase price) which would be capital expenditure. Revenue expenditure will attract tax relief in the normal way. If the claimant does not claim the full 100% in the first year, an allowance of 25% on cost (that is, on a straight lin
