ARTICLE · 04 FEBRUARY 2013

Business Property Renovation Allowances

Smith & Williamson

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Finance Act 2005 introduced a new capital allowance.

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Smith & Williamson

Introduction

Finance Act 2005 introduced a new capital allowance – Business Property Renovation Allowance (BPRA) which has been effective for expenditure incurred on or after 11 April 2007. BPRA is available for capital expenditure on converting, renovating or repairing and bringing back into use certain commercial buildings or structures that have fallen into disuse. The allowances available (subject to a claim being made) are an initial allowance of up to 100%, with an annual straight line writing down allowance of up to 25% of the qualifying expenditure on any remaining balance. The allowance is only available in certain areas. It was initially available only for a five year period to 10 April 2012, but the Government confirmed at publication of Finance Bill 2011 that the scheme would be extended for a further five years. Therefore in order to claim an allowance under BPRA, the expenditure must be incurred before 11 April 2017. It is available whether or not the

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