F1Part 3ABusiness Premises Renovation Allowances
Chapter 2QUALIFYING EXPENDITURE
360BMeaning of “qualifying expenditure”
1
In this Part “ qualifying expenditure ” means capital expenditure incurred before the expiry date on, or in connection with—
a
the conversion of a qualifying building into qualifying business premises,
b
the renovation of a qualifying building if it is or will be qualifying business premises, or
c
repairs to a qualifying building or, where the qualifying building is part of a building, to the building of which the qualifying building forms part, to the extent that the repairs are incidental to expenditure within paragraph (a) or (b).
2
In subsection (1) “ the expiry date ” means—
a
the fifth anniversary of the day appointed under section 92 of F2FA 2005, or
b
such later date as the Treasury may prescribe by regulations.
3
Expenditure is not qualifying expenditure if it is incurred on or in connection with—
a
the acquisition of land or rights in or over land,
b
the extension of a qualifying building (except to the extent required for the purpose of providing a means of getting to or from qualifying business premises),
c
the development of land adjoining or adjacent to a qualifying building, or
d
the provision of plant and machinery, other than plant or machinery which is or becomes a fixture as defined by section 173(1).
4
For the purposes of this section, expenditure incurred on repairs to a building is to be treated as capital expenditure if it is not expenditure that would be allowed to be deducted in calculating the profits of a property business, or of a trade, profession or vocation, for tax purposes.
5
The Treasury may by regulations make further provision as to expenditure which is, or is not, qualifying expenditure.
Pt. 3A inserted (11.4.2007 with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 1; S.I. 2007/949, art. 2