Capital Allowance Claims
Capital allowances are a relief from corporation tax or income tax and based on the qualifying capital expenditure incurred on the provision and installation of certain Plant and Machinery assets within a building.
Every building contains an element of Plant and Machinery, which will qualify for capital allowances, such as heating and air conditioning, electrical installations, hot and cold water systems, sanitary ware, lifts, fire alarm systems and fire fighting equipment to name just a few. However, other less obvious assets will also qualify, for example carpet, security equipment, furniture and fittings and to qualify for capital allowances, the property owner or occupier must be a taxpayer and must comply with the following:
- Incur capital expenditure on qualifying Plant and Machinery.
- Use the qualifying Plant and Machinery in the course of its trade, either as an investor or as an occupier of a building.
- Demonstrate that it owns the qualifying Plant and Machinery
Christie & Co can assist with capital allowances planning and with specialist support; any potential claim should therefore form a vital part of ensuring the viability of any property transaction.
Our Capital Allowance Claims service includes:
- Assess capital allowances claims that may previously have been made to establish whether there is any scope for enhancement
- Provide an on-going monitoring service of annual expenditure to ensure the maximisation of tax benefits
- Prepare Statements of Qualifying Expenditure in accordance with relevant legislation utilising approved valuation methodology, and negotiating and agreeing the claims with the Revenue Authority
- Provide advice relating to Enhanced Capital Allowances on energy saving Plant and Machinery, Land Remediation Relief and Revenue Expenditure