The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017.
The allowance, which has attracted controversy in the past after being exploited by a number of tax avoidance schemes, can only be used in certain disadvantaged areas and for certain types of projects.
However, where a project is eligible, the tax relief available extends to expenses including construction work, management fees, professional fees and even plant and machinery in limited circumstances.
BPRA was introduced in 2007 with a view to encouraging the development of empty premises in disadvantaged areas.
Expenses will only qualify for relief under BPRA where they have been incurred prior to the 31 March 2017 deadline.
If you are planning a scheme which may be eligible for relief under BPRA, it is important to seek professional advice at an early stage to ensure that you do not miss out on the generous relief available.
Our expert team at Milsted Langdon has years of experience of handling a wide range of tax reliefs, to ensure that income tax liabilities are mitigated as far as possible.
We would be delighted to speak to you to discuss how we can help you. Please speak to your usual tax contact or email firstname.lastname@example.org if you would like to discuss your tax position with one of our experts.