Capital Allowances Act 2001

305 Initial allowances for qualifying enterprise zone expenditure

(1) A person who has incurred qualifying enterprise zone expenditure is entitled to an initial allowance in respect of the expenditure if the building on which the expenditure is incurred is to be an industrial building—

(a) occupied by that person or a qualifying lessee, or

(b) used by a qualifying licensee.

(2) In this section—

• “qualifying lessee” means a lessee under a lease to which the relevant interest is reversionary, and

• “qualifying licensee” means a licensee of—

  (a)

  the person incurring the qualifying expenditure, or

  (b)

  a lessee of the person incurring the qualifying expenditure.