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Law Society Capital Allowance Report
More extracts from the Law Society’s Capital Allowance report 2015.
(lawsociety.org.uk/policy/capital-allowances-report) to emphasise the importance of the new law changes.
“Even though assessing the Capital Allowances position is now an obligation of the solicitor, many have retained the mindset that Capital Allowance assessments are the responsibility of an accountant, or the buyer/seller themselves. Only one third believe that any solicitor is responsible.”
In fact only one in 5 said “I know everything I need to know about the changes to the Fa2012 and the impact of those changes on all commercial property transactions.”
“I have been on a number of talks about Capital Allowances and read articles. All have talked around the subject, but none have explained clearly what we should do in different scenarios. I feel strongly that clear practical guidance is lacking.”
“Of course 64% of respondents ask the client to instruct an accountant, but unless the accountant has relevant expertise they won’t be able to provide adequate assistance.”
“A large proportion of firms rarely produce a form of election notice, whether they are acting for buyer or seller.”
“The introduction of the mandatory pooling requirement dictates that a purchaser is unable to claim any Capital Allowances on fixtures within a property unless the vendor has first bought the costs, and then a disposal value into their tax computation.”
“Unfortunately, avoiding the topic of Capital Allowances exposes them to numerous risks from having unpleasant conversation with clients, through loss of business to potential litigation.”
“Furthermore, even if the client is unconvinced, it is the solicitors’ duty to raise the issue of Capital Allowances and to contact a Capital Allowance specialist.”
Law Society Capital Allowance Report 2015
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