Capital Allowance Claims
An owner of a dentist surgery may make a claim for Capital Allowances for the purchase, refurbishing, or building of the property.
This means that if you purchase a dentist surgery you will be eligible to make a claim on any previously unclaimed Capital Allowances by the previous owner(s). Unfortunately, before 2014 it was not always clear whether a Capital Allowance claim has already been submitted on the property or not by a prior owner. This resulted in duplicate claims being submitted to HMRC for Capital Allowances on the same property, for the same equipment.
On the 1 April 2014 new regulations came into force that meant if you purchased a commercial property like a dentist surgery after this date, then the value of the Capital Allowances you may be able to claim would be based on the Capital Allowances identified by the previous owner, rather than on the purchase price.
New property owners after 2014 were caused issue due to this because so few people had heard of Capital Allowances which meant many of the properties sold in that year and thereafter didn’t make claims for Capital Allowances. This meant there was no historical figures for properties purchased after 2014 to base new Capital Allowance claims on.
Meaning to You
If your dentist surgery was purchased by you before 2014, or you built it yourself, then you can click here to start making your Capital Allowance claim now.
If your dentist surgery was purchased by you after 2014 then I strongly recommend that you speak with accountant and/or solicitor about looking into the Capital Allowance Act 2001, Section 198.
Contained within the act is important legislation regarding the sale of commercial properties, and if you purchase the property over two years ago there could be an issue with you attempting to claim Capital Allowances today if the previous owner did not identify the Capital Allowances first.
Buying a Dentist Surgery
Despite the above don’t fret, we can still help you regardless of whether you purchased your property before or after 2014.
We will conduct full due diligence to see if you are able to claim and for a fee of £500 can do full section 198 work for you. Just because you purchased your property after 2014, or are intending to purchase a property now, it doesn’t mean you can’t make a claim.