The Communities Secretary, James Brokenshire MP announced in a speech to the Chartered Institute of Housing conference in Manchester on 27 June 2019 that all new-build houses will be sold as freehold and there will be zero ground rent for new leases of...
Capital allowances are an amount of money that a business can deduct from their taxable profits. If a company was to buy a qualifying asset for their premises, they are able to claim capital allowances on that disbursement (known as capital expenditure).
When a buyer purchases a property, they don’t just attain the building and the land, they also acquire the properties fixtures. This means that on a purchase of a property, a taxpayer may be able to claim capital allowances on the value paid for qualifying fixtures. Capital allowances may also be claimed on:
- Types of building improvements and renovation
- Assets that are used and owned in the business
- Certain types of machinery which are used for business functions
Capital allowances can be claimed by companies, sole traders and trading partnerships, landlords and occasionally employees.