- Latest available (Revised)
- Point in Time (31/12/2012)
- Original (As enacted)
Point in time view as at 31/12/2012.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 301.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)This section applies if—
(a)expenditure is incurred on the construction of an EZ building,
(b)all the expenditure is incurred within the time limit,
(c)the relevant interest in the building is sold—
(i)after the building has been used, but
(ii)within the period of 2 years beginning with the date on which the building was first used, and
(d)that sale (“the relevant sale”) is the first sale in that period after the building has been used.
(2)If this section applies—
(a)any balancing adjustment which falls to be made on the occasion of the relevant sale is to be made, and
(b)the residue of qualifying expenditure immediately after the relevant sale is to be disregarded for the purposes of this Part.
(3)If a capital sum is paid by the purchaser for the relevant interest on the relevant sale—
(a)the purchaser is to be treated as having incurred qualifying expenditure that is qualifying enterprise zone expenditure of an amount given in subsection (4), (6) or (7), and
(b)in relation to that qualifying enterprise zone expenditure, this Part applies as if the building had not been used before the date of the relevant sale.
(4)Unless subsection (6) or (7) applies, the amount of the qualifying enterprise zone expenditure is the lesser of—
(a)the capital sum paid by the purchaser for the relevant interest on the relevant sale, and
(b)the expenditure incurred on the construction of the building.
(5)Subsections (6) and (7) apply if—
(a)the expenditure incurred on the construction of the EZ building was incurred by a developer, and
(b)the relevant interest in the building has been sold by the developer in the course of the development trade.
(6)If the sale by the developer is the relevant sale, the amount of the qualifying enterprise zone expenditure is the capital sum paid by the purchaser for the relevant interest on that sale.
(7)If the sale by the developer is not the relevant sale, the amount of the qualifying enterprise zone expenditure is the lesser of—
(a)the capital sum paid by the purchaser for the relevant interest on the relevant sale, and
(b)the price paid for the relevant interest on its sale by the developer.
(8)The qualifying expenditure is to be treated as incurred when the capital sum on the relevant sale became payable.]
Textual Amendments
F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: