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Capital Allowances Act 2001

Overview

1008.This Chapter sets out what is qualifying expenditure for the purposes of Part 3. Allowances under this Part are made in relation to qualifying expenditure.

1009.Section 292 introduces five ways in which expenditure may be qualifying expenditure in this Chapter.

1010.Section 293 defines for the purposes of this Chapter “developer” and “development trade”.

1011.Section 294 provides that capital expenditure on the construction of a building is qualifying expenditure if the relevant interest in the building has not been sold or was sold only after its first use.

1012.Section 295 provides qualifying expenditure for the purchase of an unused building if a developer is not involved in the transaction.

1013.Section 296 provides qualifying expenditure for the purchase of an unused building built by a developer.

1014.Section 297 provides qualifying expenditure for a used building purchased from a developer.

1015.Sections 298 to 304 make additional provision for enterprise zones and “qualifying enterprise zone expenditure”.

1016.Section 298 sets the time limits for expenditure on the construction of a building in an enterprise zone to be qualifying enterprise zone expenditure. It also defines “enterprise zones” and “EZ building”.

1017.Sections 299 and 300 provide that qualifying expenditure under sections 294 to 296 on an EZ building is qualifying enterprise zone expenditure. All construction expenditure must be within the time limit.

1018.Section 301 provides for qualifying expenditure on the purchase of an EZ building within 2 years of its first use.

1019.Sections 302 to 304 deal with cases which would be within section 300 or 301 but for the fact that only part of the expenditure was within the time limit. They provide for part of the qualifying expenditure on its construction to be qualifying enterprise zone expenditure.

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