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Capital Allowances Act 2001


1183.This Chapter provides how allowances and charges under Part 3 are given effect.

1184.Section 352 gives the rule for trades. Allowances and charges are treated as expenses and receipts of the trade. The same rule applies for professions and vocations occupying commercial buildings built with qualifying enterprise zone expenditure.

1185.Section 353 deals with buildings which are leased or licensed. The allowances and charges are treated as expenses and receipts of the person’s:

  • Schedule A business; or

  • overseas property business;

as appropriate.  If the building is not an asset of any property business then the person is treated as carrying on a Schedule A business and the allowances and charges are given effect in that notional business.

1186.Section 354 provides for allowances and charges for certain buildings temporarily out of use to be given as if they were leased or licensed.

1187.Section 355 contains special rules under which balancing allowances in respect of industrial buildings used for mining may be carried back to earlier chargeable periods.

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