In May a new consultation document along with others was published on capital allowances for fixtures ‘in order to make the rules work as intended’.
Or more to the point as intended since changes introduced in 1985! The key objective is to remove defects in the current rules when buying and selling commercial property and prevent allowances from being given more than once on the original cost of a fixture.
However beware there will be a knock-on effect to all fixtures expenditure if the suggested amendments are made.
In principle the current law should result in both parties to a transaction including the same disposal and acquisition values in their tax computations.
This...
