Page 20 - F6 - Capital Allowances - Movable & Immovable Assets

COMMERCIAL BUILDINGS (s13quin)

• New & Unused building

• Owned by taxpayer

• Wholly/ Mainly used:

a) in the production of income

b) trade (taxpayer's trade/let)

Allowance: Not

5% on lower of cost/MV apportioned

If building is purchased (not constructed) then cost =

* 55% of acquisition cost of part

* 30% of acquisition cost of improvement

Lessees and buildings purchased from a seller who previously used

the building will not qualify for the allowance