Renovation of business in disadvantaged areas
The Business Property Renovation allowance is available to clients who have property in disadvantaged areas. The scheme provides tax relief on capital expenditure when bringing business premises back into productive use. There are a few named disadvantaged areas in the West Midlands, with the majority situated in Wales. For qualifying buildings, there is potential for 100% capital allowances available for expenditure incurred on the conversion of renovation of business premises.
For a building to qualify, it must be situated in a disadvantaged area (as defined by the Assisted Areas Order 2007) on the date work started, unused for 12 months prior to that date and must have previously been used for the purpose of a trade or as an office. The scheme does not apply to residential dwellings. Certain expenditure also does not qualify, namely the acquisition costs of a building, extension costs or development of adjacent land. The scheme is open until 11 April 2012.
The relief will be of value to property investors considering the purchase and refurbishment of business property in disadvantaged areas. This also has great relevance for the agricultural sector and provides a significant incentive for diversification. It also helps bring back into use derelict buildings as small business units, workshops or for other commercial uses.
If you would like further information please contact Louise Lock at Fisher German’s Stafford office on 01785 220044, or by email on louise.lock@fishergerman.co.uk
- Ashby de la Zouch
- 01530 412821
- Banbury
- 01295 271 555
- Knutsford
- 01565 757970
- Market Harborough
- 01858 410 200
- Newark
- 01949 851815
- Southampton
- 02380 883150
- Stafford
- 01785 220 044
- Worcester
- 01905 453275
