Finance (No.2) Act 1987

72 Allowances for dwelling-houses let on assured tenancies.

(1) In section 76 of the [1982 c. 39.] Finance Act 1982 (capital allowances for dwelling-houses let on assured tenancies) in subsection (2) (provisions to have effect only where expenditure is incurred before 1st April 1987) for “1987” there shall be substituted “1992”.

(2) In any case where—

(a) by reason only of the enactment (by the [1986 c. 63.] Housing and Planning Act 1986) of section 56B of the [1980 c. 51.] Housing Act 1980 (extension of assured tenancies scheme to cases where works have been carried out) an approved body is entitled to an initial allowance in respect of any expenditure under Schedule 12 to the Finance Act 1982 (capital allowances for dwelling-houses let on assured tenancies); and

(b) effect has not been and, apart from this subsection, no longer can be given to the initial allowance referred to in paragraph (a) above,

then, if a claim is made in that behalf before 1st April 1988, all such adjustments shall be made as may be necessary to give effect to that initial allowance.

(3) Expressions used in subsection (2) above have the same meaning as in Schedule 12 to the [1982 c. 39.] Finance Act 1982.