'British businesses could save billions of pounds if they claimed full tax relief on the commercial properties they own, according to City experts.
‘Taking advantage of capital allowances, companies can claim tax relief on fittings such as air conditioning, radiators, pipework, cabling, lighting and security systems – anything relating to the intrinsic fabric of the building – even if the property was bought a decade ago, according to Peter Millwood, tax partner at Deloitte.
‘But while accountants routinely claim on everyday purchases such as curtains, carpets, fire extinguishers and radiator covers, they often fail to claim on other, less-easy-to-spot fittings ...
‘On a typical £1m property, CA Tax Solutions, the biggest UK capital allowances specialist, will find £200,000 of unused capital allowances, which, assuming a mid-point between the higher-rate and lower-rate tax bands, means there is £65bn to £70bn in net tax rebates sitting unclaimed in commercial properties.’
'British businesses could save billions of pounds if they claimed full tax relief on the commercial properties they own, according to City experts.
‘Taking advantage of capital allowances, companies can claim tax relief on fittings such as air conditioning, radiators, pipework, cabling, lighting and security systems – anything relating to the intrinsic fabric of the building – even if the property was bought a decade ago, according to Peter Millwood, tax partner at Deloitte.
‘But while accountants routinely claim on everyday purchases such as curtains, carpets, fire extinguishers and radiator covers, they often fail to claim on other, less-easy-to-spot fittings ...
‘On a typical £1m property, CA Tax Solutions, the biggest UK capital allowances specialist, will find £200,000 of unused capital allowances, which, assuming a mid-point between the higher-rate and lower-rate tax bands, means there is £65bn to £70bn in net tax rebates sitting unclaimed in commercial properties.’
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