Q&As

Can a buyer and seller make a section 198 election on the sale of a property when the seller has not claimed any capital allowances (it is a pension fund) and if not, how does the buyer claim any capital allowances?

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Published on LexisPSL on 06/09/2018

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Can a buyer and seller make a section 198 election on the sale of a property when the seller has not claimed any capital allowances (it is a pension fund) and if not, how does the buyer claim any capital allowances?

The purpose of an election under section 198 of the Capital Allowances Act 2001 is to allow the buyer and seller of a property to elect jointly to fix, for capital allowances purposes, the amount of consideration to be allocated to any fixtures on which the seller has previously claimed allowances. If the seller has not previously claimed capital allowances they cannot enter into a section 198 election.

Where no previous

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