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bigduckontax, Accountant
Category: Tax
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I have a coomercail retail unit whose rental figure has

Customer Question

I have a coomercail retail unit whose rental figure has dropped from £44000 to £25000. As the yield dictates the capital value of the property can I write down the value of my property. It is contained within an LLP structure. Is this 'write down' an offset against profits ?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

You can certainly write down the unit in your books. In any event such an asset is only worth as much as a buyer is prepared to pay for it which may vary widely from the book value. Such write down is a capital item and cannot be offset against profits for taxation purposes although the book keeping transaction will impair on the Profit and Loss Account as an exceptional item.

I do hope that you have found my reply of assistance.