This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Short leasehold improvement costs and compensation on leave

Kiran
Posts:19
Joined:Wed Aug 06, 2008 3:38 pm

Postby Kiran » Wed Aug 16, 2006 7:38 am

Renewal date was due for my short leasehold workshop. I had the right to renew but was not respected by the landlord as he had plans to build flats etc. I received over £ 20k in compensation as I was forced to move out to a new site & took my case to the court.

Q.1. Is this compensation taxable?

Q.2. I spent over £28K in the improvement of this
workshop few years back. Could this qualify
as a loss under "C G T"? Is there any other
way to get tax relief on this expenditure?

Please advise. Thanks. K.

Return to “Business Tax”

cron