Capital Allowances | Portal Tax Claims

Category Capital-allowances

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

Plant and Machinery Allowance

March 21, 2011 at Capital Allowances

Plant and Machinery allowance is available to persons engaged in qualifying activities, which is very wide in this case. Trade, profession, vocation, office, employment and Schedule A business (property rentals etc) are all qualifying activities, for example. Persons carrying on these activities can claim capital allowances as an expense while computing ... Read More

Capital Allowances and Capital Gains

March 9, 2011 at Capital Allowances

Capital Allowances and Capital Gains What happens to the tax relief you got through claiming capital allowances on a building’s fixtures when the building is sold at a profit? One might feel that in such a case, the capital gains will be computed after deducting the capital allowance claims from the original cost of the property. ... Read More

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Date of purchase:

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Est Allowances
Our Fee
Tax Relief on Fee
Net Fee Payable
Net Tax Benefit

Tax refund

10/11 Tax Year
11/12 Tax Year

Tax reduction for current year:

12/13 Tax Year

Balance tax for mitigation:

Future Tax Years

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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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