CAA 2001 s 198 elections have been around for decades, but they are still often misunderstood, under-utilised and completed incorrectly. The purpose of a s 198 election is relatively simple, but hugely important: the lack of a s 198 election in certain circumstances could mean no capital allowances are available to a buyer on even the largest of commercial property transactions, and equally could result in a large disposal value to be recognised by the seller, resulting in unintended balancing charges and a clawback of the capital allowances claimed.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
CAA 2001 s 198 elections have been around for decades, but they are still often misunderstood, under-utilised and completed incorrectly. The purpose of a s 198 election is relatively simple, but hugely important: the lack of a s 198 election in certain circumstances could mean no capital allowances are available to a buyer on even the largest of commercial property transactions, and equally could result in a large disposal value to be recognised by the seller, resulting in unintended balancing charges and a clawback of the capital allowances claimed.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")