🏰 Capital allowances election

The Capital Allowances Election (Joint Fixtures) template under UK law is a legal document that relates to the tax deductions for expenses incurred on fixtures and fittings in commercial properties. By making this election, individuals or businesses can claim capital allowances on qualifying assets that are part of a joint acquisition or disposal of a property, typically involving the buyer and seller. This template provides a structured framework for parties involved to agree upon the allocation of allowances, ensuring a fair and accurate distribution of tax benefits. It specifies the necessary details of the agreement, such as the parties involved, the property in question, the value of the fixtures, and the agreed apportionment methodology. This legal template serves as a formal and binding documentation, managing the process of claiming capital allowances and assisting in complying with the UK tax regulations.