Property Insight - Spring 2011 - Menzies

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Property Insight - Spring 2011 - Menzies

What a reliefabusinessguide to taxrelief onpropertyAre you paying too much tax? Have you considered all the allowances you couldclaim? In the current economic environment, it is more important than ever to ensureyou are claiming all available tax reliefs.Richard Godmon, Tax Partner atMenzies LLP outlines a numberof reliefs, that are commonlyoverlooked:1. Capital allowances for integralfeaturesThe Annual Investment Allowanceapplies to all expenditure on integralfeatures incurred after 1 April 2008.Integral features are:Electrical systems (including lightingsystems);Cold water systems;Space or water heating systems,powered systems of ventilation, aircooling or air purification, and any flooror ceiling comprised in such systems;Lifts, escalators and moving walkways;External solar shadingAll integral features will qualify for capitalallowances at a rate of 10% per annum.2. Contaminated land remediationreliefWhat is contaminated land? This refers toany land, estate or building within theRichard GodmonTax Partner5

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