Tax concessions residential conversions
Tax concessions residential conversions
- \c2005
- Letting Update Journal 13(3) October 2005, 21-22(2) .
Part of a series looking at some of the key tax concessions available to landlords, this article looks at tax savings in respect of residential conversions, in particular those falling under the flats above shops scheme, a component in the government package of measures to encourage urban regeneration. Discusses which properties qualify, allowances, clawbacks and VAT concessions. Describes the interesting and substantial tax allowances in specific situations where new flats are being brought into use. Provides a case study of a refurbished retail property in Honiton, Devon with three new self-contained flats above the retail ground floor. References.
Part of a series looking at some of the key tax concessions available to landlords, this article looks at tax savings in respect of residential conversions, in particular those falling under the flats above shops scheme, a component in the government package of measures to encourage urban regeneration. Discusses which properties qualify, allowances, clawbacks and VAT concessions. Describes the interesting and substantial tax allowances in specific situations where new flats are being brought into use. Provides a case study of a refurbished retail property in Honiton, Devon with three new self-contained flats above the retail ground floor. References.