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Capital Allowances on Commercial Property Transactions (for Property Solicitors)

About this webinar

Understand how to deal with capital allowances on commercial property transactions, ensure you are up to date with current legislation, improve your Capital Allowances knowledge and understand what the pitfalls are when it comes to Capital Allowances and managing your risk factors.

Significant changes were made in April 2012 by HMRC to the Capital Allowances legislation affecting property purchases post 2014. The result has led to many unsuspecting property owners and investors missing out on tax relief they were otherwise entitled to. Whilst commercial property solicitors are not expected to be experts on tax, the cost of overlooking Capital Allowances tax relief can be considerable – to both Vendor and Purchaser.

Knowing the basics will prevent litigation against commercial property conveyancers and ensure your clients obtain the tax savings available on their property.

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OVERVIEW

Capital Allowances are the primary means of obtaining tax relief on commercial property for business owners and investors. However, the rules are complex and failure to comply may lead to losses for your client.
Commercial property solicitors are often asked to provide advice on Capital Allowances, or to justify why they have not included Capital Allowances on property transactions in the sale agreement – some have even been sued over this. Not giving the right advice may involve a claim against the firm or loss of a client, or both. By understanding the issues involved and knowing what questions to ask, it’s likely that you can reduce your clients tax liability and, in some cases, help them reclaim thousands of pounds in overpaid tax.

WHAT YOU WILL LEARN

Zeal Tax are proud to offer this short webinar specifically designed for solicitors. The virtual 30 minute session will cover:

  • The Basics: what are Capital Allowances, who can claim and why, and qualifying items.
  • How Capital Allowances are valued and apportionment with illustrative examples.
  • A recap on the significant changes to the Capital Allowances regime since 2014 in relation to buying and selling commercial properties.
  • CPSE completion, Transaction documentation, contract clauses and Section 198 elections.
  • Property disposal, what happens to the allowances upon sale and the impact on Capital Gains.
  • Using case studies, the session will also highlight potential pitfalls as well as identify ways to maximise allowances for your client.

After the webinar there will be an opportunity to ask questions to the speaker, Matt Jeffery a leading Capital Allowances specialists with over 20 years’ experience.

BENEFITS OF ATTENDING

  • Learn how to identify tax saving opportunities for your clients.
  • Enhance your understanding of Capital Allowances legislation and how it affects the process of selling or buying commercial property.
  • Minimise your risk by avoiding potential pitfalls.
  • CPD qualifying training.

OUTCOME / QUALIFICATION

Following the webinar, a certificate of attendance will be provided for those who are required to evidence their CPD activity to a professional body.