I used the ‘flats above shops’ tax allowance in 2007 and sold the property within the old time of five or seven years. I bought for £140,000, spent £120,000, and sold for £310,000. Because I sold in the five or seven year period, how much money do I have to pay back, if any?

Arthur Weller replies:
Presumably you are referring to the old business premises renovation allowance. If you sold within the ‘clawback’ period there could be a balancing charge of up to £120,000, if you claimed a 100% initial allowance on the £120,000 at the time of expenditure. See www.gov.uk/hmrc-internal-manuals/capital-allowancesmanual/ca45900