The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note summarises the factors to take into account on the transfer of business premises as part of a trade and asset sale. Please also refer to the Capital allowances ― property transactions and fixtures guidance note.
Buildings usually contain fixtures, ie items which are attached or placed permanently in the building. Examples of fixtures include:
lifts and escalators
heating, lighting and electrical systems
sanitary appliances, and hot and cold water systems
telephone and data installations
The availability of capital allowances on such items for the purchaser of the building will depend on whether the previous owner could have claimed capital allowances, the original cost of the fixture and what disposal value has been brought into account on a previous disposal. In most cases, the capital allowance claim will depend on the seller having pooled the fixture and a value for the fixture being fixed by means of a joint election, usually under CAA 2001, s 198 but sometimes under section 199. It is important therefore to ensure these formalities have been done and documented within the required timescales and that the purchase contract reflects the requirement for
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