Finance


heating and lighting, in order for them to function as a building. However, when considering care


homes, you can begin to factor in installations such as lifts, hoists, nurse call systems, fire alarm systems, sluices, specialist baths, additional ensuite facilities, corridor handrails, security measures, and non-slip flooring. Last December, for example, Catax


completed a capital allowances valuation report on a single-storey care home located in Warrington. The property was acquired in January


2019 for £2,585,000 and generated a claim of over £560,000, which included many of the installations noted above. Our client was able to reduce their tax liability by over £100,000. We also travelled to Selby last


November to carry out a claim on a three-storey nursing home owned by a limited company. The facility was purchased in


September 2013 for £490,000 with Catax being able to identify over £150,000 of unclaimed capital allowances, resulting in a tax saving of almost £30,000. As the floor space was spread over


three levels, as well as the expected installations, the building also benefitted


from an electric passenger lift which itself formed over 20 per cent of the qualifying costs. Significant capital allowances claims


are not just restricted to property purchases. They can also be made on property constructions, extensions and refurbishments. In fact, these types of projects can


yield even higher percentage claims than


that of a purchase given the cost of the non-qualifying land rarely forms part of the build project expenditure. There is generally no time limit on


making a claim. If you acquired the property prior to April 2014 or constructed the property at any time, and the qualifying plant still remains today you are still entitled to claim the associated tax relief. Certain restrictions apply to


properties acquired post-March 2014; however, we will not go into any further details here. But the sooner you make a claim, the sooner you can start receiving the benefit.


Conclusion The process in establishing whether you are eligible to claim is reasonably straight forward and can require minimal input from you or your accountant to finalise our valuation report. Catax operates on a no win no fee


basis where we will only charge for our work if there is a viable claim to be made. If there is no claim available, we will not charge a fee regardless of how much work we have carried out to date. The reassurance that we offer is why


there is nothing to lose in finding out, but plenty to gain.


TCHE


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August 2020 • www.thecarehomeenvironment.com


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