The clock is ticking away on BPRA (Business Premises Renovation Allowance)
The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017.
The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax avoidance schemes, can only be used in certain disadvantaged areas and for certain types of projects.
However, where a project is eligible, the tax relief available extends to expenses including construction work, management fees, professional fees and even plant and machinery in limited circumstances.
BPRA was introduced in 2007 with a view to encouraging the development of empty premises in disadvantaged areas.
Expenses will only qualify for relief under BPRA where they have been incurred prior to the 31 March 2017 deadline.
If you are planning a scheme which may be eligible for relief under BPRA, it is important to seek professional advice at an early stage to ensure that you do not miss out on the generous relief available.