Cowgill Holloway welcomes EU extension of areas eligible for tax relief on property renovations
Today property and construction finance experts, Cowgill Holloway welcomed news from the EU (Wednesday 21 May) that it has extended the areas in the North West region which qualify for the Business Premises Renovation Allowance (BPRA).
BPRA is an incentive to landlords and developers to refurbish unused business properties, in eligible areas, that have stood empty for over a year, by providing 100% tax relief on costs associated with bring the property back into commercial use.
Stuart Stead, Partner and Head of Property and Construction, Cowgill Holloway LLP said: “BPRA provides a good opportunity to both landlords and developers to help them bring empty business properties back into use. The confirmation yesterday that many wards in Greater Manchester, including the city centre and parts of Liverpool, Bolton, Wigan, Blackburn, Lancaster, Burnley and Cheshire are all included in the scheme, is good news and we hope to see many of our clients and contacts taking advantage of it.
“By significantly increasing the qualifying areas, the EU has given the green light for developers to complete or bring forward commercial projects throughout the region at a vastly reduced cost. The tax relief is applied in the year in which the money is spent, so it has an immediate positive impact. It’s very good news for the region and adds further stimulus to the upturn we’re seeing in the property market.
BPRA is available for currently available for developments until 2017.
Cowgill Holloway Property and Construction team has offices in Bolton, Manchester and Liverpool. The team advise clients on all aspects of property finance, taxation, compliance and advisory services.
The information was correct at time of publishing but may now be out of date.