Capital Allowances for Property Lawyers
Capital allowances are the primary means of obtaining tax relief for commercial property/business purchasers, commercial property owner-occupiers, and investors.
Increasingly, lawyers are being called upon to justify the advice given, or more commonly, not given, in connection with capital allowances on property transactions and advisers are known to have been sued over this. The effect of capital allowances on tax payments is quite straightforward; not giving the best advice may involve a 'claim' or loss of a client, or both.
HM Revenue & Customs made fundamental changes to the capital allowances rules dealing with plant fixtures which came into effect in April 2012. The likely outcome is that many unsuspecting property owner-occupiers and investors will lose all the capital allowances to which they should otherwise be entitled on property acquisitions.
Whilst property lawyers should not be expected to have expert knowledge of the subject, this seminar starting from the basics will highlight the possibilities and pitfalls arising on every acquisition or sale.
What You Will Learn
This course will cover the following:
- What are capital allowances
- When are capital allowances given
- Who can claim capital allowances and why
- What assets qualify and why
- How are capital allowances given in an income or corporation tax return
- Property acquisitions
- What conditions must be satisfied for a buyer to claim
- How are capital allowances valued
- Just and reasonable apportionment
- 'Section 198' election
- Property disposals
- What happens to capital allowances when a property is sold
- How does this affect capital gains
- Transaction documentation
- Pre-contract enquiries
- Contract clauses
- Recent changes
- Finance Act 2012 rules on the treatment of fixtures
9:30am - 5:15pm
Please let us know if you wish to be notified when new dates are added for this programme