That’s according to specialist capital allowance company Portal Tax Claims, which puts the missing amount at £177million.
Capital allowances are available to commercial property owners who spend money making certain qualifying improvements, such as installing fire alarm systems and air conditioning.
During a trial of the new proposition it reclaimed, on average, £105,000 for each business in outstanding capital allowances.
Portal Tax Claims estimates that 96 per cent of businesses – that is 4,230 in Luton – that own their own properties, or commercial property owners, could be owed a refund.
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For business owners within the 40 per cent tax band, this equates to £177,649,920 that could be claimed back in Luton alone.
Shaun Murphy, chief executive of Portal Tax Claims, said: “Literally billions of pounds are due to commercial property owners across the UK, but most lack the necessary expertise to make the claim which can be a complicated process.”