Modifications etc. (not altering text)
C1S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14), Sch. 30 para. 7
Textual Amendments
F1Pt. 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)
C2Pt. 4A modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 22 (with Sch. 10 para. 25); S.I. 2003/120, art. 2, Sch. (with arts. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
C3Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 22, 25
(1)A person who has incurred qualifying expenditure in respect of a flat is entitled to an initial allowance in respect of the expenditure.
(2)The amount of the initial allowance is 100% of the qualifying expenditure.
(3)A person claiming an initial allowance under this section may require the allowance to be reduced to a specified amount.
(4)The initial allowance is made for the chargeable period in which the qualifying expenditure is incurred.
(1)No initial allowance is to be made under section 393H if, at the relevant time, the flat is not a qualifying flat.
(2)An initial allowance which has been made in respect of a flat which is to be a qualifying flat is to be withdrawn if—
(a)the flat is not a qualifying flat at the relevant time, or
(b)the person to whom the allowance was made has sold the relevant interest in the flat before the relevant time.
(3)All such assessments and adjustments of assessments are to be made as are necessary to give effect to this section.
(4) In this section “ the relevant time ” means the time when the flat is first suitable for letting as a dwelling. ]