‘Vale firms missing out on £36.3million’

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Owners of around 1,000 commercial properties in the Vale could be missing out on £36.3 million in tax rebates for unclaimed capital allowances on fixtures and fittings, according to new research.

Nationally, the total unclaimed allowances have now reached £8.8 billion, says Portal Tax.

They say capital allowances are an often overlooked tax relief which applies to fixtures and fittings that do not form part of the fabric of a building – such as plumbing, electrics, carpet, air conditioning, lifts and fire safety.

They are often overlooked as they don’t normally form part of a business’s annual financial accounting.

Businesses who submitted capital allowances claims in 2012 received an average tax relief payout in excess of £36,000.

Shaun Murphy, Managing Director, Portal Tax, said: “Any property owner that has not made a claim should contact their accountant or discuss it with a specialist business, especially as the tax rules are changing and businesses should ideally address the issue this year.”