Capital Allowances Act 2001 (c. 2)

Modifications etc. (not altering text)

C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7

Part 10 U.K. Assured tenancy allowances

Chapter 7 U.K. Writing off qualifying expenditure attributable to dwelling-house

526 Writing off expenditure for periods when building not used as qualifying dwelling-house U.K.

(1) This section applies if for any period or periods between—

(a) the time when the whole or a part of the building was first used for any purpose, and

(b) the time when the residue of qualifying expenditure attributable to a dwelling-house falls to be ascertained,

the building or part has not been a qualifying dwelling-house.

(2) An amount equal to the notional writing-down allowances for the period or periods is written off at the time when the residue falls to be ascertained.

(3) The notional writing-down allowances are the allowances that would have been made for the period or periods in question (if the building or part had remained a qualifying dwelling-house), at such rate or rates as would have been appropriate, having regard to any relevant sale.

(4) In subsection (3) “relevant sale” means a sale of the relevant interest as a result of which a balancing adjustment falls to be made under section 513.