Business premises renovation allowance claim succeeds.
In FRF (South Wales) Ltd v HMRC [2024] UKFTT 1145 (TC) (18 December 2024) the FTT upheld a claim for capital allowances under the business premises renovation code for expenditure incurred by a vehicle sales company in turning a disused warehouse into a car showroom.
The company acquired the lease of a disused steel-framed warehouse which had previously been used as a furniture store. It spent more than £1.5m on turning the warehouse into a car showroom and claimed allowances for much of the expenditure. Substantial alterations were carried out so that the only remaining elements were the ground floor slab and foundations the below ground drainage incoming services and six of the original ten structural steel portal frames and the roof sheeting rails. New cladding glazing vehicle roller shooter doors and internal services were installed. The...
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Business premises renovation allowance claim succeeds.
In FRF (South Wales) Ltd v HMRC [2024] UKFTT 1145 (TC) (18 December 2024) the FTT upheld a claim for capital allowances under the business premises renovation code for expenditure incurred by a vehicle sales company in turning a disused warehouse into a car showroom.
The company acquired the lease of a disused steel-framed warehouse which had previously been used as a furniture store. It spent more than £1.5m on turning the warehouse into a car showroom and claimed allowances for much of the expenditure. Substantial alterations were carried out so that the only remaining elements were the ground floor slab and foundations the below ground drainage incoming services and six of the original ten structural steel portal frames and the roof sheeting rails. New cladding glazing vehicle roller shooter doors and internal services were installed. The...
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