[F1393J Entitlement to writing-down allowancesU.K.
(1)A person is entitled to a writing-down allowance for a chargeable period if he has incurred qualifying expenditure in respect of a flat and, at the end of the chargeable period—
(a)the person is entitled to the relevant interest in the flat,
(b)the person has not granted a long lease of the flat out of the relevant interest in consideration of the payment of a capital sum, and
(c)the flat is a qualifying flat.
(2) In subsection (1)(b) “ long lease ” means a lease the duration of which exceeds 50 years.
(3)Whether the duration of a lease exceeds 50 years is to be determined—
(a)in accordance with [F2sections 243 and 244 of CTA 2009,] and
(b)without regard to section 393V(3) (new lease granted as a result of the exercise of an option treated as continuation of old lease).
(4)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.]
Textual Amendments
F1Pt. 4A (ss. 393A-393W) inserted (with effect as mentioned in s. 67 of the amending Act) by Finance Act 2001 (c. 9), s. 67, Sch. 19 Pt. 1
F2Words in s. 393J(3)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 506 (with Sch. 2 Pts. 1, 2)