Scenario: This client owned 3x commercial properties acquired in 2001, 2003 & 2007. These properties are rented out as service office blocks in the area of Nottingham. The rent received from these properties meant this client was liable to corporate tax.
Total Property cost: £1,187,000.
We highlighted: £497,310 of unclaimed Property Embedded Fixtures & Features that qualify for tax relief.
Due to the clients tax status, this meant the amount of tax that would be saved as a result of the PEFF’s highlighted totalled £99,468.
We were able to generate a tax repayment (cash) of £26,929.
The client would be able to reduce their tax liability by £72,539 in future years.