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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15975
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Is there a Tax rebate on a commercial property as a new build

Customer Question

Is there a Tax rebate on a commercial property as a new build owned by myself
Built in 2010 cost £300,000
I am a higher rate tax payer
If so how do I claim through HMRC?
A F Lees
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Are you referring to VAT? What has prompted your question 4 years after the build?
Customer: replied 3 years ago.
No not vat
I have been approached by an accounting firm
They say I can claim a rebate for a new build
As long as I own the building and it cost more than £250,000
Expert:  TonyTax replied 3 years ago.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 3 years ago.

Hi again.

The accountants are probably referring to potential capital allowance claims for plant and machinery and integrated features in a commercial building used in your business which you can read about here and here. See under "Fixtures in buildings" and under "Integral features of buildings" when you click on the first link.

Look under "Claiming" here and here for more detailed descriptions of the types of things you can claim for. The first one was written by a firm which specialises in making such claims and with which I have no connection. I also have no connection with the other firm.

Any claims can be made though your CT600 corporation tax return as part of your regular capital allowances claim. Expect HMRC to ask questions and have detailed calculations prepared to submit with your CT600.

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 3 years ago.
Hi again.

It's been a few days since I answered your question. Is there anything you need further clarification on?