The following information is vital for solicitors who work alongside commercial property owners.

Many Solicitors are facing litigation risks due to consequential losses on tax savings caused by inaccurate completion of CPSEs. Section 32 of the CPSE relates to Plant and Machinery embedded within the property and must be accurately completed so that tax relief is not lost to either buyer or seller.

Legislative changes are putting pressure on legal firms to stay up to date on policy associated with capital allowances. These changes have increased significantly in recent years, as evident within the recent 2021 budget.

This means that you must obtain complete and accurate information in order to execute purchase documents correctly. Completing documents with comments such as “Referred to Accountant” or getting clients to sign disclaimers is simply not enough.

A failure to deal with capital allowances could result in a complete loss of allowances for current and future taxpayers who own the property. It is essential to avoid this as it can negatively impact the market value of the property in the future.

We work with hundreds legal firms across the United Kingdom to help clients claim these allowances in full.

For more information, contact us today for a free portfolio consultation and find out which of your clients require an embedded capital allowance claim.