C2C1F1 Part 4A FLAT CONVERSION ALLOWANCES
Pt. 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. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29) , ss. 448 , 458(1) , Sch. 10 para. 22 , 25
Chapter 5 INITIAL ALLOWANCES
393H Initial allowances
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.
393I Flat not qualifying flat or relevant interest sold before flat first let
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An initial allowance which has been made in respect of a flat which is to be a qualifying flat is to be withdrawn if—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.
Pt. 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