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Talk 11: FA 2012 changes – conditions and exceptions

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In this video, capital allowances specialist Ray Chidell starts to look in greater depth at the pooling and fixed value requirements, introduced by FA 2012. Ray looks at the conditions that have to be met before these requirements can be imposed. He shows that there are various circumstances in which the relevant conditions are not met, and illustrates this with three examples of where the requirements are not imposed. To receive a weekly notification as each talk is made available, email [email protected] Ray’s two capital allowances books are available at: http://www.claritaxbooks.com. This talk was sponsored by Six Forward Capital Allowances. © Claritax Books, 2015
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Text Comments (2)
Innes Bedlington (3 years ago)
So in the examples where pooling/fixed value requirement is not in play, can the purchaser go off and make his own just & reasonable apportionment? In the IFs example how would the purchaser get the information necessary to come up with a figure for the IFs that he could claim - a surveyor? Does it need to be broken out in the sale documents - i.e. a negotiation point in any case even if irrelevant for the seller?
Claritax Books (3 years ago)
+Innes Bedlington Hi Innes! Great question. There is no statutory basis for calculating a just and reasonable apportionment. However, there is a long-standing formula that has been used by HMRC and taxpayers for many years, and that was given approval in a tax case hearing earlier this year. I will be covering it in a week or two. In essence, you need to come up with a replacement valuation of the fixtures in question, and to use that as a part of the formula. Unless the amounts are tiny, you would need to involve a specialist surveyor to give the correct figures. No need to cover the point in the sale documents, so this aspect can be dealt with after the event. Hope that helps! Ray

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