Got some spare cash to invest? Then you may want to consider a scheme designed to tempt businesses to move into economically depressed areas.
It uses a special tax break called Business Property Renovation Allowance (BPRA), says Tax Tips & Advice.
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As syndicates usually borrow twice the amount invested, £25,000 from you becomes £75,000 in terms of the renovation. So you will get relief on that sum at your highest tax rate. That could be 50% in 2010/2011 (ie, £37,500), but be aware that refunds can take up to 18 months to arrive.
The property is then rented out and any income used to meet syndicate loan repayments and overheads. After a minimum of eight years (some of the tax refund will be clawed back if you invest for less than seven years), you'll get your investment back, plus any profit from the sale. If you're interested, consult an IFA.
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