Modifications etc. (not altering text)
C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
(1)A person is entitled to a writing-down allowance for a chargeable period if—
(a)qualifying expenditure has been incurred on a building,
(b)that person is or has been an approved body,
(c)at the end of that chargeable period the person is entitled to the relevant interest in the building, and
(d)at the end of that chargeable period, the building is or includes a qualifying dwelling-house or two or more qualifying dwelling-houses.
(2)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.
(1)The basic rule is that the writing-down allowance for a chargeable period is 4% of the qualifying expenditure attributable to the dwelling-house or (as the case may be) each dwelling-house falling within section 507(1)(d).
(2)The allowance is proportionately increased or reduced if the chargeable period is more or less than a year.
(3)The basic rule does not apply if section 509 applies.
(1)This section applies if—
(a)the relevant interest in a qualifying dwelling-house is sold, and
(b)a balancing adjustment falls to be made under section 513 as a result of the sale.
(2)If this section applies, the writing-down allowance for any chargeable period ending after the sale is—
where—
RQE is the amount of the residue of qualifying expenditure attributable to the dwelling-house immediately after the sale,
A is the length of the chargeable period, and
B is the length of the period from the date of the sale to the end of the period of 25 years beginning with the day on which the dwelling-house was first used.
(3)On any later such sale, the writing-down allowance is further adjusted in accordance with this section.
(1)The amount of the writing-down allowance for a chargeable period in respect of a dwelling-house is limited to the residue of qualifying expenditure attributable to it.
(2)For this purpose the residue is ascertained immediately before writing off the writing-down allowance at the end of the chargeable period.