In 1878 Thomas Edison patented the Phonograph, otherwise known as the Gramophone.
You know where that ended up. The Spice Girls.
What is less well known is that the basis of modern capital allowance legislation can be traced back to the “wear and tear” allowance on plant and machinery introduced in that year. A more specific “mills and factories” allowance was available for those types of businesses.
This system was replaced in 1945 with an “annual writing down allowance’ at a rate fixed by the Revenue. In 1954, to encourage investment in commercial buildings and industrial assets a further investment allowance was introduced. Further changes to the system were made in 1971 and 1984 to simplify the process of recording and claiming. A widespread rationalization and consolidation occurred in 1990 and the currency legislation, the Capital Allowance Act, was introduced in 2001. A Capital Allowance reclaim does not make use of a loophole. It is there to incentivize business owners like you to develop and improve their commercial properties.
While the details have changed over time, the concept of capital allowances has remained relatively constant. If you are looking to improve your property, it is worth considering whether you could be eligible for a tax deduction. A professional firm like ours can help you determine whether your property meets the requirements for an embedded capital allowance claim.
At Property Tax Refund Centre we pride ourselves on our high standards and our commitment to providing the best possible service to our clients. We believe that a properly conducted and documented site visit is essential to a successful and well-founded Embedded Capital Allowance Claim.
If you have any questions or would like more information about our services, please do not hesitate to contact us.
How do I get started?
Just contact us however you feel most comfortable and we will be in touch to get the ball rolling.
Comments