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The interaction of capital allowances and chargeable gains


A client has asked the following queries regarding the sale of two properties:
    Property 1: The company has made a claim for expenditure qualifying for capital allowances in respect of building refurbishment work carried out on the property. The property has been sold at a profit and an election has been made under CAA 2001 s 198 such that proceeds of £2 will be entered as disposal proceeds in the capital allowance pool. Does the expenditure qualifying for capital allowances qualify as an allowable capital cost of the property for the purpose of calculating the chargeable gain on the disposal of the property?
    Property 2: The company has sold another property at a profit and has entered into an election under CAA 2001 s 198 in...

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