HM Revenue & Customs has released a consultation on Capital Allowances for Fixtures, which will have a wide-reaching and punitive impact on all taxpayers owning property assets.

Capital allowances are a form of valuable tax relief available primarily to those investing in fixtures, and so-called plant and machinery, for business use. Within commercial properties, capital allowances available on fixed items within the building can be significant. Fixtures will include items such as lifts, water installations, air-conditioning units and sanitary fittings as well as general mechanical and electrical installations.