Many businesses are failing to claim their full tax breaks when buying or selling commercial property.

Brighton-based Mazars tax partner and specialist writer on tax issues Ray Chidell said with businesses feeling a heavy and growing tax burden claims are often overlooked.

But if the property is still owned, it may not be too late to gain some of the advantages.

Mr Chidell said: "There is one possible catch, though.

Consideration is being given to abolishing the whole system of capital allowances.

"If this happens, nobody knows exactly what will replace it but the window of opportunity on claims not already made may then disappear forever.

"What's more, the amounts of tax at stake can be huge."

Mr Chidell has just published Plant and Machinery, a reference work aimed at finance directors and accountants.

He said: "The tax-saving opportunities arise in relation to fixtures. A business buying a property may well claim tax breaks on any furniture but overlook the fact that parts of the property itself may qualify for tax relief.

"For example, tax relief is due on central heating costs, air conditioning, sanitary ware, hot water systems and some electrical systems. It is by no means improbable you can get back five per cent of the property cost through proper tax claims.

"Furthermore, the breaks are not restricted to so-called industrial or agricultural buildings."

Mr Chidell said there was a misconception what the tax man gave with one hand, he would take away with the other, perhaps through a higher capital gains tax bill when the property comes to be sold. There was rarely any such effect.

"Nor is this just a cash flow issue. The savings can be permanent if deals are well structured."

Many businesses assumed the wording of a sale and purchase agreement would be enough to provide all the tax advantages.

Mr Chidell said: "The tax man has specific powers to override the wording of any agreement and an apportionment of the overall transaction may be made. The best solution may be to sign a joint election with the other party before the sale takes place."

Mr Chidell can be contacted on 01273 206788.