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Authors: Caroline Walton and Megan Lawless
Did you buy or sell a commercial property on or shortly after 1 April 2014? If so, you risk losing the right to make a claim for capital allowances (CA) as the two year deadline to make such a claim is fast approaching!
When a buyer purchases property, it buys the land, the building and the fixed plant and machinery in the building. The buyer may be able to claim CA relief in respect of any plant and machinery in the property at the date of its purchase. However, any claim must be made within two years of the date of completion or the right to CA relief will be lost by the buyer and any subsequent owner of the property.
There are a number of requirements that have to be met before any claim can be made. If you would like any further information on the above or need advice on claiming CA relief in relation to your commercial property transaction, please contact a member of our Commercial Property Team and/or speak to your Accountant.