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

[F1 Part 4 U.K. Agricultural buildings allowances

Textual Amendments

F1 Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)

Modifications etc. (not altering text)

C2 Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)

Chapter 4 U.K. Writing-down allowances

374 First use of building not for purposes of husbandry, etc. U.K.

(1) No writing-down allowance is to be made under section 372 if, when the agricultural building is first used, it is not used for the purposes of husbandry.

(2) Any writing-down allowance which has been made in respect of an agricultural building which has not been used is to be withdrawn if—

(a) when the building is first used, it is not used for the purposes of husbandry, or

(b) the person to whom the allowance was made sells the relevant interest before the building is first used.

(3) All such assessments and adjustments of assessments are to be made as are necessary to give effect to this section.]