Capital Allowances Act 2001

[F1270BCSale of unused buildings or structures (other than by a developer)U.K.
This section has no associated Explanatory Notes

(1)This section applies if—

(a)capital expenditure is incurred on the construction of a building or structure,

(b)the relevant interest in the building or structure is sold before the building or structure is first used,

(c)a capital sum is paid by the purchaser for the relevant interest, and

(d)section 270BD (sale by a developer: unused buildings or structures) does not apply.

(2)The lesser of—

(a)the capital sum paid by the purchaser for the relevant interest, and

(b)the capital expenditure incurred on the construction,

is qualifying capital expenditure.

(3)Where this section applies, the qualifying expenditure is to be treated as incurred by the purchaser when the capital sum is paid.

(4)If the relevant interest is sold more than once before the building or structure is first used, subsection (2) has effect only in relation to the last of those sales.]

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