C1C3Part 3 Industrial buildings allowances
Pt. 3 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 5 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
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.
Pt. 3 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 18 (with Sch. 10 para. 21); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)