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Tax Tip of the Month
Property Tax
Budget Report
Talking Technical
Double Tax Relief
Most buildings contain plant and machinery on which capital allowances can be claimed. This is true even where the building is acquired second-hand or is held as an investment for renting out. It can be worth investing in specialist advice so as to obtain relief on all eligible items. In the case of second-hand
buildings, a valuation will assist in substantiating any claim. This may well reveal that a large part of the building is tax relievable, thereby reducing its net cost. That same cost is also allowable as a tax reduction when the building is sold – a double whammy!
