Capital Allowances Freezers
Before you get too excited and rush to your kitchen to see whether there is a wad of cash in the ice-box we are are of course referring to industrial freezers used in commercial properties. We recently completed a capital allowances claim for a property in the North-West of the UK which had been constructed by the owners in 2007.
The property had been constructed at a cost of £2.1m by a food distribution company and because we believed that, in essence, the property was a a fairly standard warehouse we had estimated the capital allowances at approximately 15% of the build cost or circa £300,000. This still would have given a respectable tax saving of £60,000 over time for the owners.
However when we came to survey the property we found that a large percentage of the property was occupied internally by a purpose built freezer, the construction cost of which, we concluded, was claimable in its entirety. In short this increased the final capital allowances claim to circa £604k effectively doubling the pre-estimate for the property. Hence the title of this post as the freezer in the property added an additional £60,000 tax saving over time.
So if you do have a large industrial freezer in your warehouse and you haven’t investigated the merits of a capital allowances claim then please feel free to contact us!!
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