- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/06/1993)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 22/03/2001
Point in time view as at 01/06/1993.
There are currently no known outstanding effects for the Finance (No. 2) Act 1992, Cross Heading: Buildings and structures purchased before use.
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2After section 10 (purchases of buildings and structures) there shall be inserted the following section—
“10A(1)This section shall apply where—
(a)expenditure is incurred on the construction of a building or structure (actual expenditure);
(b)some or all of that expenditure is incurred, or is incurred under a contract entered into, at a time when the site of the building or structure is in an enterprise zone, being a time not more than 10 years after the site was first included in the zone; and
(c)before the building or structure is used, the relevant interest in it is sold.
(2)Where this section applies—
(a)the actual expenditure shall be left out of account for the purposes of sections 1 to 8, but
(b)subject to subsection (8) below, the person who buys the relevant 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 or structure (deemed expenditure) equal to the actual expenditure or to the net price paid by him for that interest, whichever is the less.
(3)The deemed expenditure shall be regarded as comprising an enterprise zone element and a non-enterprise zone element.
(4)The enterprise zone element of the deemed expenditure shall be calculated in accordance with the formula—
(5)In subsection (4) above—
A is the deemed expenditure;
B is the expenditure falling within subsection (1)(b) above; and
C is the actual expenditure.
(6)The non-enterprise zone element of the deemed expenditure shall be so much (if any) of the deemed expenditure as does not comprise the enterprise zone element.
(7)Notwithstanding the provisions of subsection (2)(b) above—
(a)the enterprise zone element of the deemed expenditure shall be treated for the purpose only of determining entitlement to allowances as incurred at a time when the site of the building or structure is in an enterprise zone, being a time not more than 10 years after the site was first included in the zone; and
(b)the non-enterprise zone element of the deemed expenditure shall be treated for that purpose as not incurred, and not incurred under a contract entered into, at such a time.
(8)Where the relevant interest in the building or structure is sold more than once before the building or structure is used, subsection (2)(b) above shall have effect only in relation to the last of those sales.
(9)Where the actual expenditure was incurred by a person carrying on a trade which consists, in whole or in part, in the construction of buildings or structures with a view to their sale and, before the building or structure is used, he sells the relevant interest in it in the course of that trade or, as the case may be, of that part of that trade, then—
(a)if that sale is the only sale of the relevant interest before the building or structure is used, paragraph (b) of subsection (2) above shall have effect as if the words “the actual expenditure 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 actual expenditure were a reference to the price paid on that sale.
(10)This section shall have effect subject to section 17A.”
3In section 1 (buildings and structures in enterprise zones) in subsection (10) the words from “and, except for that purpose" to the end of the subsection shall cease to have effect.
4In section 6 (buildings and structures in enterprise zones) subsection (5) shall cease to have effect.
5In section 10, at the beginning of subsection (1) there shall be inserted “ Subject to subsection (3A) below, ”.
6After that subsection there shall be inserted the following subsection—
“(1A)Notwithstanding the provisions of paragraph (b) of subsection (1) above, in the case of a building or structure the site of which is or has been in an enterprise zone, any expenditure which a person is deemed to have incurred by virtue of that paragraph shall be treated for the purpose only of determining entitlement to allowances as not incurred, and not incurred under a contract entered into, at a time when the site of the building or structure is in an enterprise zone.”
7After subsection (3) of that section there shall be inserted the following subsection—
“(3A)Subsections (1) to (3) above shall not apply in any case where section 10A applies.”
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