C1Part 3 Industrial buildings allowances

Annotations:
Modifications etc. (not altering text)

Chapter 4 Qualifying expenditure

Qualifying expenditure

297 Purchase of used building from developer

1

This section applies if—

a

expenditure is incurred by a developer on the construction of a building, and

b

the relevant interest is sold by the developer in the course of the development trade after the building has been used.

2

This Part has effect in relation to the person to whom the relevant interest is sold as if—

a

the expenditure on the construction of the building had been qualifying expenditure,

b

all appropriate writing-down allowances had been made to the developer, and

c

any appropriate balancing adjustment had been made on the occasion of the sale.

3

This section is subject to sections 301 and 303 (purchase of building in enterprise zone within 2 years of first use).