- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2021)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2021.
Taxation of Chargeable Gains Act 1992, Section 24A is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies if—
(a)there is a deemed disposal of an asset by a person (“P”) under section 24(1),
(b)the asset is an interest in a building or structure which is “an interest in UK land” (as defined in section 1C) or an equivalent interest in land outside the United Kingdom,
(c)a contribution allowance under Part 2A of CAA 2001 (see section 538A of that Act) has been made to another person (“C”) by reference to C’s contribution to expenditure in relation to the building or structure, and
(d)C does not have an interest in the building or structure which is “an interest in UK land” for the purposes of section 1C.
(2)C may make a claim for this Act to have effect as if an allowable loss equal to the unclaimed allowance amount had accrued to C on the deemed disposal of the asset by P.
(3)For the purposes of this section, the “unclaimed allowance amount” in relation to a contribution allowance under Part 2A of CAA 2001, is the amount of the difference between—
(a)the qualifying contribution amount, and
(b)the amount of the contribution allowance to which an entitlement arose (or would have arisen if the conditions in section 270AA(2) of that Act had been met at all times since an entitlement to the contribution allowance first arose) before the deemed disposal under section 24(1).
(4)For the purposes of subsection (3), the “qualifying contribution amount” is the amount of C’s contribution to expenditure in respect of which the contribution allowance is available (see sections 270AA and 538A of that Act), if and to the extent that the expenditure is not allowable under section 38 as a deduction in computing the gain accruing to P on the deemed disposal.
(5)A claim under this section must—
(a)include information identifying the building or structure by reference to which the contribution allowance was made, and
(b)specify the unclaimed allowance amount.]
Textual Amendments
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