What you are doing is buying an asset. In this case property.
Since it is an asset it is not an expense and not chargeable to CT. Thats the way it goes. However what is chargeable to CT is the diminution in value of the asset over time (conversely any profit over time would cause a CT liability to arise - the profit element is income).
There is a depreciation rate you can use for capital allowances, I think it might be 3%, but that is just for providing a temporary book value and it should be properly value periodically. If you can be bothered (I certainly can't) you can look up the full treatment on HMRC.
So, in answer to the question you post:- NO. The end.
[It is depreciation that can be charged to tax as I have now explained twice].
Now, if it is not an office there are a host of personal taxation consequence to be considered too. Some of which I outlined.
Now, I know your mate will give you a receipt that says "To: Building new office 20k". I am not sure that either of you realise the extent of criminality in this. To wit:-
- False accounting
- Various forms of tax evasion
I'm sure there are plenty of others that could also occur.
It is perhaps not the wisest thing to publish your joint intents on a public forum.
Of course the other side of the coin is you have to get caught. Buy any tax inspection is likely to want a solid paper trail. Curiously when faced with this sort of thing the aveage tax inspector is unlikely to say "yes, that's fine I accept that". They will tend to want to see the asset.
At the end of the day it's your bum you might want to protect in the shower block. Not mine.