Part 3Industrial buildings allowances
Chapter 4Qualifying expenditure
Part of expenditure within time limit for qualifying enterprise zone expenditure
304Application of section 303 where developer involved
1
This section applies if section 303 applies but—
a
the expenditure on the construction of the building was incurred by a developer, and
b
the relevant interest in the building has been sold by the developer in the course of the development trade;
and in this section Z, N, E and T have the same meaning as in section 303.
2
If the sale by the developer is the relevant sale—
and
where—
C is the capital sum paid for the relevant interest by the purchaser, and
L is the lesser of—
- a
the capital sum paid for the relevant interest on the relevant sale, and
- b
the expenditure incurred on the construction of the building.
- a
3
If the sale by the developer is not the relevant sale—
and
where D is the lesser of—
- a
the price paid for the relevant interest on its sale by the developer, and
- b
the capital sum paid for the relevant interest on the relevant sale.