Capital Allowances Act 2001

[F1 302 Qualifying enterprise zone expenditure where section 295 or 296 applies U.K.

(1) This section applies if—

(a) expenditure is incurred on the construction of an EZ building,

(b) only a part of the expenditure is incurred within the time limit, and

(c) the circumstances are as described in—

(i) section 295(1) (purchase of unused building where developer not involved), or

(ii) section 296(1) (purchase of building which has been sold unused by developer).

(2) Only a part of the qualifying expenditure given by section 295(2) or 296(2) or (3) (as the case may be) is qualifying enterprise zone expenditure.

(3) The part of the qualifying expenditure that is qualifying enterprise zone expenditure is—

where—

QE is the qualifying expenditure,

E is the part of the expenditure on the construction of the EZ building that is incurred within the time limit, and

T is the total expenditure on the construction of the building.]

Textual Amendments

F1 Pt. 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)