Capital Allowances Act 1990

84 Application of Part III

(1) Subject to subsection (2) below, this Part has effect to provide for reliefs in respect of expenditure incurred on the construction of buildings consisting of or including dwelling houses let on assured and certain other tenancies, but only where the expenditure concerned is incurred before 1st April 1992.

(2) If the tenancy is an assured tenancy for the purposes of the [1988 c. 50.] Housing Act 1988, subsection (1) above shall not apply unless—

(a) the expenditure was incurred before 15th March 1988 or it consists of the payment of sums under a contract entered into before that date and (in either case) it was incurred—

(i) by an approved company, or

(ii) by a person who sells or sold the relevant interest in the building to an approved company before any of the dwelling-houses comprised in it are or were used; or

(b) the expenditure was incurred by an approved company which, before 15th March 1988, bought or contracted to buy the relevant interest in the building.

(3) In this section, “approved company” means a company which was on 15th March 1988 an approved body.