A new law in the United Kingdom included in the 2012 Finance Act could impact how capital allowance studies are to be done going forward. There is an opportunity right now to go back and claim capital allowances not already made claim to previously.
Her Majesty’s Revenue and Customs (HMRC) has recently released a consultation document on capital allowances (depreciation for U.S. purposes) which could have significant consequences for those who incur capital expenditures on fixtures in commercial buildings. Under the prior law in the United Kingdom, there is no limit on how far one can go back and claim tax allowances not previously claimed.
At Prager Metis, we understand the Capital Allowance regulations and will help you determine the best course of action for your unique circumstances
Important Capital Allowance Changes as of April 1! Please click here to read the details.