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Changes over time for: Section 7
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Version Superseded: 01/04/2001
Status:
Point in time view as at 29/04/1996. This version of this provision has been superseded.
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Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 1990 (repealed), Section 7.
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7 Other hotels.U.K.
(1)Subject to the following provisions of this section, [this Chapter and Chapter III as it applies for the purposes of this Chapter] shall apply in relation to a qualifying hotel as if it were an industrial building or structure, with the following modifications—
(a)where, after a building has ceased to be a qualifying hotel otherwise than on the occurrence of an event to which section 4(1) applies, a period of two years elapses in which it is not a qualifying hotel and without the occurrence of any such event, this Chapter and Chapter III shall have effect as if—
(i)the relevant interest in the building had been sold at the end of that period; and
(ii)the net proceeds of the sale were equal to the price which that interest would then have fetched if sold in the open market;
(b)references in this Chapter and Chapter III to expenditure on the construction of a building or structure shall not include references to expenditure incurred in taking any such steps as are mentioned in section 69.
(2)Subsection (1)(a) above has effect subject to section 15(1); but a building shall not by virtue of that section be deemed to continue to be a qualifying hotel for more than two years after the end of the chargeable period ... in which it falls temporarily out of use.
(3)Subsection (1)(b) above shall not have effect in relation to any chargeable period ... ending after 26th July 1989.
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