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Capital Allowances Act 2001
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295Purchase of unused building where developer not involved
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.
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