Have you heard of the business property renovation allowance (BPRA)? The expiry date is 1 April 2017 for corporation tax and 6 April 2017 for income tax, and the expenditure qualifying for BPRA must be incurred before the expiry date.
BPRA is a capital allowance for capital expenditure on the renovation or conversion of business premises in designated disadvantaged areas that have been unused for at least one year. Qualifying expenditure attracts a 100% initial allowance or, if this is not claimed in full, a 25% writing down allowance.
Did you realise that before the building became vacant, it must have been used for a trade, profession or vocation or as an office. Its last use must not have been as a dwelling. It must also meet the definition of a qualifying business premises. Qualifying expenditure is also limited to the market value of costs.
The BPRA is also European State Aid. Hopefully it won’t be a casualty of Brexit.