2011 March | Portal Tax Claims

Archives for March, 2011

Capital Allowance Claims: More on Section 198

Capital Allowance Claims: More on Section 198 When a person engaged in a “qualifying activity” as defined under section 15 of the Capital Allowances Act sells a building, it can have very serious tax implications both for the buyer and seller. By looking at the issues carefully, it is possible to arrive at a sale agreement that is ... Read More

Portal Tax Claims has recently become a Patron of The Parents Consortium

March 30, 2011 at Portal Tax Claims

Portal Tax Claims has recently become a Patron of The Parents Consortium which was founded in 1996 and is a charity supporting disabled children and their families. They are locally based in Hextable and offer activities, an information service and a residential suite for disabled children in the Dartford, Gravesham and ... Read More

Section 198 of Capital Allowances Act 2001

March 28, 2011 at Capital Allowances

Section 198 of Capital Allowances Act 2001 Section 198 of the Capital Allowances Act 2001 has a major significance for property transactions. If the seller of the property has claimed capital allowances on any fixtures of the building, the tax relief enjoyed as a result might have to be paid back if the seller does not elect to ... Read More

Capital Allowances Act: Election under Section 198

March 25, 2011 at Capital Allowances

Capital Allowances Act: Election under Section 198 In a separate article, we noted that sale of an industrial or agricultural building or hotel has tax implications. We found if the seller and buyer agrees to fix the price of plant and machinery forming part of the property at a higher value, the buyer benefits by being able to ... Read More

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Values Shown are not guaranteed and have been based upon assumptions including that you have paid tax over the last two years to at least the refund amount shown and assumes all assets are in the 20% main pool of allowances. Some assets may be in the 10% integral features pool which will lower the annual amount claimable, however the total benefit of the allowances remains the same. The amount claimed will depend upon your personal circumstances and are shown above for illustration purposes only.

This calculator is for illustration purposes only.

If AIA is included in the calculations, we assume that no previous deductions within the AIA allocation has been submitted.

You cannot claim Capital Allowances before the year of purchase.

Our fee is a legitimate business expense and as such is tax deductible.

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