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Ask an expert: Capital allowances on refurbishment of premises

Question:

Two unconnected business partners set up a company equal shareholding to buy a run-down hotel in Sussex in February 2010. They refurbished it opened it successfully in September 2010. They extended it further between 31 January 2012 and 30 June 2012. Then they repeated the formula buying a hotel in East Anglia on 31 October 2011. They set up a new company to purchase and run it together with another unconnected party who provided substantial finance. The latter took a 40% shareholding with an agreement giving him a controlling vote in board meetings all other rights in proportion to his shareholding. Refurbishment started immediately and completed 30 June 2012. The accounting period end date for both companies is...

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