Next April, important changes are being brought in which may have a serious impact for owners of Commercial Property. It is possible that current owners of commercial property have unclaimed capital allowances on certain fixtures and fittings imbedded within the property. Under current legislation, property owners are able to make a claim for fixtures purchased at any time, and still receive tax relief for the last two years. The new rules will require businesses to pool their expenditure on fixtures in a building, within a short period of acquiring the building, in order to qualify for capital allowances. It is possible that the new rules will prevent claims being made for fixtures in property purchased or built in the past.
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