- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/1998)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2001
Point in time view as at 01/04/1998. This version of this provision has been superseded.
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(1)Subject to subsection (2) below, where expenditure is incurred on the construction of a building which is to be or include a qualifying dwelling-house and the relevant interest in the building is sold before any dwelling-house comprised in it is used—
(a)the expenditure actually incurred on the construction of the building shall be left out of account for the purposes of sections 85 to 90; but
(b)the person who buys that interest shall be deemed for those purposes to have incurred, on the date when the purchase price becomes payable, expenditure on the construction of the building equal to the expenditure actually incurred or to the net price paid by him for that interest, whichever is the less.
(2)Where the relevant interest in a building which is to be or include a qualifying dwelling-house is sold more than once before any dwelling-house comprised in it is used, the provisions of subsection (1)(b) above shall have effect only in relation to the last of those sales.
(3)Where the expenditure incurred on the construction of a building which is to be or include a qualifying dwelling-house was incurred by a person carrying on a trade which consists, as to the whole or any part thereof, in the construction of buildings with a view to their sale, and, before any dwelling-house comprised in it is used, he sells the relevant interest in the building in the course of that trade, or, as the case may be, of that part of that trade, paragraph (b) of subsection (1) above shall have effect subject to the following modifications—
(a)if that sale is the only sale of the relevant interest before any dwelling-house comprised in the building is used that paragraph shall have effect as if the words “the expenditure actually incurred or to" and “whichever is the less" were omitted; and
(b)in any other case, that paragraph shall have effect as if the reference to the expenditure actually incurred on the construction of the building were a reference to the price paid on that sale.
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