Capital Allowances Act 2001 (c. 2)

Yn ddilys o 11/05/2001

[F1 Part 4A U.K. FLAT CONVERSION ALLOWANCES

Textual Amendments

F1 Pt. 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

Modifications etc. (not altering text)

C1 Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 22, 25

Chapter 8 U.K. WRITING OFF QUALIFYING EXPENDITURE

393R Writing off initial allowances and writing-down allowances U.K.

(1) If an initial allowance is made in respect of the qualifying expenditure, the amount of the allowance is written off at the time when the flat is first suitable for letting as a dwelling.

(2) If a writing-down allowance is made in respect of the qualifying expenditure, the amount of the allowance is written off at the end of the chargeable period for which the allowance is made.

(3) If a balancing event occurs at the end of the chargeable period referred to in subsection (2), the amount written off under that subsection is to be taken into account in calculating the residue of qualifying expenditure immediately before the event to determine what balancing adjustment (if any) is to be made.]