The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance summarises the factors to take into account on the transfer of business premises as part of a trade and asset sale.
Buildings usually contain ‘fixtures’, ie items attached or placed permanently in the building. Examples include:
For guidance on 'integral features' see the Definition of plant and machinery guidance note.
The rules introduced by FA 2012, Schedule 10 effectively remove the availability of a 'just and reasonable apportionment' of the purchase price of a commercial property and instead introduce a 'fixed value requirement'.
These rules apply where:
CAA 2001, s 187A(1)
Where there is more than one past owner, the past owner that the legislation applies to is the most recent owner meeting the criteria.
These rules apply whether the past owner claimed capital allowances or not. The important question is whether the past owner could claim plant and machinery
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