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Capital Allowances: Refurbishment

A client purchased a run-down former mill with the intention of refurbishing and modernising it to provide office/workshop accommodation. Total expenditure including the purchase price of 200,000 was 900,000. We were able to apportion 35,000 to repairs, and 140,000 to qualifying plant and machinery. The majority of the acquisition cost was on non-qualifying assets, the repairs comprised a 100% tax deduction, the plant and machinery was claimable at varying rates but accounted for 20% of the net cost.
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