Steven Bone (The Capital Allowances Partnership Ltd) answers a query on a commercial property investor whose claim was rejected on the basis that the 'fixed value requirement' of CAA 2001 s 187A was not satisfied.
Question
Over the last 20 years my client has built up a portfolio of commercial properties for investment purposes. He continues to buy properties regularly and has always claimed any capital allowances available using specialist advisers. But he has recently for the first time had a claim rejected on the basis that he had not satisfied the ‘fixed value requirement’ of CAA 2001 s 187A. This seems somewhat harsh as he clearly meets all other conditions. Can anything be done to get the claim accepted?
Answer
Your client appears to have fallen foul of rules introduced for property transactions from April 2012. On top of the...
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Steven Bone (The Capital Allowances Partnership Ltd) answers a query on a commercial property investor whose claim was rejected on the basis that the 'fixed value requirement' of CAA 2001 s 187A was not satisfied.
Question
Over the last 20 years my client has built up a portfolio of commercial properties for investment purposes. He continues to buy properties regularly and has always claimed any capital allowances available using specialist advisers. But he has recently for the first time had a claim rejected on the basis that he had not satisfied the ‘fixed value requirement’ of CAA 2001 s 187A. This seems somewhat harsh as he clearly meets all other conditions. Can anything be done to get the claim accepted?
Answer
Your client appears to have fallen foul of rules introduced for property transactions from April 2012. On top of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
