[F1342 The relevant interestU.K.
(1)For the purposes of Chapter 3 (the relevant interest in the building) as it applies to expenditure incurred on the construction of a road, a highway concession is not to be treated as an interest in the road.
(2)But if the person who incurred the expenditure on the construction of the road—
(a)was not entitled to an interest in the road when he incurred the expenditure, but
(b)was at that time entitled to a highway concession in respect of the road,
the highway concession is to be treated as the relevant interest in relation to that expenditure.
(3)Any question as to what is the relevant interest is to be determined on the assumption that, if section 344 (renewed or new concession treated as extension of earlier concession) applies, the renewed or new concession is a continuation of the earlier concession.]
Textual Amendments
F1Pt. 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)