Appearing in Insider Ireland, senior consultant, Phil O’Connor, outlines the strict time limits that apply to making capital allowances claims, how to apply and where there are exceptions to the rules.
He explains that the rules state a taxpayer is only entitled “upon making a claim to the inspector within 24 months after the end of the chargeable period.” Where a claim is made outside of this deadline, it’s probable that there won’t be any allowances available.
Phil says: “Take, for example, a property that has been acquired on the last day of the chargeable period in 2016 i.e. on 31 December 2016. The taxpayer would have until 31 December 2018 in which to make a claim. If it is not considered until after 31 December 2018, it is likely that no claim will be available…it’s essential that capital allowances are considered promptly after a property is acquired, or works are undertaken, to ensure that there is as much time as possible to prepare a successful claim.”
Read the full article here to explore the deadlines and where the exceptions lie.