Owners are missing out on rebates, says tax firm

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COMMERCIAL property owners in Portsmouth may be missing out on £20m of tax rebates.

According to analysis by Portal Tax, based on figures supplied by the Office for National Statistics, the owners of around 560 units in the city have unclaimed capital allowances on fixtures and fittings.

Allowances can be claimed on items including plumbing, electrics, carpet, air conditioning, lifts, fire safety or any other improvements not deemed part of the physical construction of the building.

Shaun Murphy, Portal Tax managing director, said: ‘Any property owner who has not made a claim should contact their accountant or discuss it with a specialist business, especially as the tax rules are changing and businesses should ideally address the issue this year.’