Frequently asked questions
I purchased my property 10 years ago. Can I still claim Capital Allowances?
As long as you still owned the property in the year you make the claim you are entitled to claim the Capital Allowances.
However, for property purchases after April 2012/ 2014 the fixed value requirement and pooling requirement are relevant.
I purchased my property April 2010 and signed s198 CAA elections. Can I still claim Capital Allowances?
Assuming the s198 CAA 2001 elections were valid and the vendor owned the property prior to April 2008 you could still claim Capital Allowances on general electrical and cold water systems but not on assets covered by the s198 CAA 2001 elections.
This is because under s33A CAA 2001 Capital Allowances claims on these integral features have only been available since April 2008.
I have tax losses brought forward. Should I still claim Capital Allowances?
However, depending on your tax circumstances, it may be preferable to wait until you have utilised your tax losses before having the survey done.
An exception to this is if an apportionment is required prior to you selling the property – a purchaser will expect to be given details of the available Capital Allowances.
If it's so good why has my accountant not done the exercise?
All accountants have a general understanding of Capital Allowances. However, very few possess the in-house technical, legal and surveying skills to produce a full Capital Allowances report on a commercial property.
My property is in a SIPP. Can I claim Capital Allowances?
However, should you transfer the property to yourself or if it is sold by your SIPP a Capital Allowances claim can be made by the purchaser.