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Capital Allowances Act 2001
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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 295.
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[F1295 Purchase of unused building where developer not involvedU.K.
This section has no associated Explanatory Notes
(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.]
Textual Amendments
F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)
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