C2

C1C3C4C5C6C7C8C9F4Part 3 Industrial buildings allowances

Annotations:
Amendments (Textual)
F4

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)

Modifications etc. (not altering text)
C1

Pt. 3 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 18 (with Sch. 10 para. 21); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

C7

Pt. 3 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(1)-(3), (7)

C8

Pt. 3 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 21(1)

C9

Pt. 3 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 38(1)

Chapter 11 Giving effect to allowances and charges

354 Buildings temporarily out of use

1

This section applies if a person is entitled to an allowance or liable to a charge for a chargeable period during which the building is treated as an industrial building under section 285 (building still industrial building despite temporary disuse).

2

If, when the building was last in use as an industrial building—

a

it was in use for the purposes of a trade which has since been permanently discontinued, or

b

the relevant interest in the building was subject to a lease or a licence which has since come to an end,

section 353(4) applies to the person as if the relevant interest were subject to a lease or licence at the relevant time.

3

If—

a

the person is liable to a balancing charge, and

b

when the building was last in use as an industrial building, it was in use as an industrial building for the purposes of a trade which was carried on by the person but which has since been permanently discontinued,

the same deductions may be made from the amount of the balancing charge as may be made under F1section 254 of ITTOIA 2005 orF5section 196 of CTA 2009 (deductions allowed in case of post-cessation receipts) from an amount chargeable to tax under F2Chapter 18 of Part 2 of ITTOIA 2005 or, as the case may be, underF6Chapter 15 of Part 3 of CTA 2009.

4

Subsection (3) does not affect the making of any deduction allowed under any other provision of the Tax Acts.

5

For the purposes of this section the permanent discontinuance of a trade does not include an event treated as a permanent discontinuance under F3F7section 577(2A) of this Act or section 18 of ITTOIA 2005 (effect of company ceasing to trade etc).

6

In this section “trade”, in relation to a commercial building, includes a profession or vocation.