Simon Morris has learned that UK commercial property owners have thrown away £28 million in tax relief since the implementation of the 2012 Finance Bill.
Simon Morris, Independent Property Expert
Simon Morris is a London-based independent property expert who acts in an advisory capacity to UK property investment funds, ensuring that they are able to capitalise on every opportunity this thriving market presents, to reap the highest returns possible on their investment portfolios.
In this capacity, Simon regularly keeps track of the legislation designed to regulate and promote the UK property industry; which is why this news is being brought to you this week on the Simon Morris blog. It represents a major oversight on the part of UK commercial property owners.
Tax Relief Is Going Unclaimed
According to Catax Solutions – the UK’s leading capital allowances firm – since the implementation of the 2012 Finance Bill on 1st April, only 5% of UK commercial properties sold have claimed any of the tax relief available to them.
Under the 2012 Finance Bill –which was introduced to encourage the growth of Britain’s commercial property sector- an owner can qualify for tax relief when they sell their commercial property by identifying its capital allowances at the point of being bought or sold. After that, they could be lost forever, meaning they lose the right to tax relief under the Bill.
Commercial Property Owners Are Losing a Staggering Amount of Tax Relief
So how serious is the problem? How much money have commercial property owners collectively lost? According to Catax, the 5% of commercial properties sold after the onset of the regulation, equates to 9340 transactions; meaning that £28 million was lost in tax relief by commercial property owners in April alone.
Managing Director at Catax Solutions, Mark Tighe, spoke out on the findings, saying: “As we expected, Britain’s commercial property owners are already losing a staggering amount of tax relief due to the lack of understanding and knowledge of capital allowances. And it is extremely worrying to know that £28 million is just the start – in just one month.”
Tighe further went on to say: “This tax relief has now been lost forever. And there is no doubt now that a very large percentage of transactions will continue to take place this year without capital allowances being identified.”
Simon Morris Advises Commercial Property Owners Take Advantage of Tax Relief
Simon Morris advises that UK property investment funds, if they are not already doing so, take advantage of the tax relief available for the sale of commercial property under the 2012 Finance Bill. Only through doing so, will they ensure the highest returns possible for the commercial element of their property investment portfolios. Выбираем сначала платформу автоматов, потом — сам аппарат. Вы можете попробовать игровые аппараты прямо сейчас, регистрации и загрузок дополнительных программ не нужно. Для игры в онлайн казино Вулкан на интерес каждому предоставлены на выбор виды бесплатных кредитов. Для азартных же игроков, ценящих неподдельные чувства, для тех, кто. http://igrat-avtomaty-vulkan.com/igrovye-avtomaty-777/ Выбираем сначала платформу автоматов, потом — сам аппарат. Вы можете попробовать игровые аппараты прямо сейчас, регистрации и без смс. Выбираем сначала платформу автоматов, потом — сам аппарат. Вы можете попробовать игровые аппараты прямо сейчас, регистрации и загрузок дополнительных программ не нужно. Для азартных же игроков,.