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Capital Allowances Act 2001

Overview

1038.This Chapter provides initial allowances for qualifying enterprise zone expenditure on a building which is to be an industrial building occupied by the person who incurred that expenditure or by a qualifying lessee or licensee. In relation to qualifying enterprise zone expenditure “industrial building” includes “commercial buildings” as defined in section 281.

1039.Section 305 provides entitlement to allowances. It defines “qualifying lessees and licensees”.

1040.Section 306 provides:

  • the amount of the initial allowance is 100% of the qualifying enterprise zone expenditure; and

  • the allowance is made for the chargeable period in which the qualifying expenditure is incurred.

1041.Section 307 denies or withdraws allowances if the building is not an industrial building when first used.

1042.Section 308 denies or withdraws allowances if expenditure is met by certain grants.

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