Finance (No. 2) Act 1983

6 Allowances for dwelling-houses let on assured tenancies

(1) In Schedule 12 to the [1982 c. 39.] Finance Act 1982 (capital allowances for dwelling-houses let on assured tenancies) in paragraph 4(5)(c) for the words from " there were " to " both " there shall be substituted the words " and the word 'if preceding them there were substituted the words ' unless both ".

(2) The amendment made by subsection (1) above shall be deemed always to have had effect, except that it shall not affect the validity of any election under paragraph 4 of Schedule 7 to the [1968 c. 3.] Capital Allowances Act 1968 which was made before 1st April 1983 in reliance on the provisions of paragraph 4(5)(c) of Schedule 12 to the Finance Act 1982, as originally enacted.

(3) In subsection (4) of section 34 of the [1979 c. 14.] Capital Gains Tax Act 1979 (definition of "capital allowance") at the end of paragraph (a) there shall be inserted the following paragraph: —

“(aa) an allowance under Schedule 12 to the Finance Act 1982”.

(4) The amendment made by subsection (3) above shall be deemed always to have had effect, except that it shall not affect the computation under Chapter II of Part II of the Capital Gains Tax Act 1979 of the amount of any loss accruing on a disposal before 1st April 1983.

(5) In paragraph 3 of Schedule 12 to the Finance Act 1982 (definition of "qualifying dwelling-house") in sub-paragraph (3)(a) after the words " unless the landlord " there shall be inserted the words " is a company and either ".

(6) The amendment made by subsection (5) above shall have effect in relation to—

(a) expenditure incurred on or after 5th May 1983 otherwise than pursuant to a contract entered into before that date by the person incurring the expenditure, and

(b) expenditure which, by virtue of paragraph 8 of Schedule 12 to the [1982 c. 39.] Finance Act 1982, is deemed to be incurred on or after that date,

and also in any case where a person other than a company becomes entitled to the relevant interest, within the meaning of that Schedule, on or after that date.