Business Premises Renovation Allowance (BPRA) will come to an end on 31 March 2017 for businesses and 5 April 2017 for individuals.
BPRA, which was launched on 11 April 2007, is a 100 per cent tax relief scheme for certain spending when you are converting or renovating unused qualifying business premises in a disadvantaged area.
What spending is qualified?
Most spending used to repair, renovate, or convert a building into business premises will qualify for 100 per cent tax relief.
This includes:
What buildings are qualified?
Only commercial buildings or structures in a disadvantaged area that have stood empty for at least a year will qualify for tax relief.
A list of disadvantaged areas in England and Wales can be found here.
There are also certain industries which cannot apply for BPRA. This include fisheries, shipbuilding, and the coal mining industry, and the production of certain agricultural products.
For more information on BPRA, contact us today.