C1Part 3 Industrial buildings allowances

Annotations:
Modifications etc. (not altering text)

Chapter 4 Qualifying expenditure

Qualifying expenditure

295 Purchase of unused building where developer not involved

1

This section applies if—

a

expenditure is incurred on the construction of a building,

b

the relevant interest in the building is sold before the building is first used,

c

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

d

section 296 (purchase of building which has been sold unused by developer) does not apply.

2

The lesser of—

a

the capital sum paid by the purchaser for the relevant interest, and

b

the expenditure incurred on the construction of the building,

is qualifying expenditure.

3

The qualifying expenditure is to be treated as incurred by the purchaser when the capital sum became payable.

4

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