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
(1)This section applies if—
(a)an asset representing qualifying expenditure incurred by a person is demolished at a time when the person owns the asset, and
(b)the person incurred costs of demolition.
(2)The disposal value which the person is required to bring into account in respect of the qualifying expenditure is to be reduced by the cost to the person of the demolition.
(3)If the amount of the disposal value is reduced to nil (or less than nil) under subsection (2), the person is not required to bring a disposal value into account.
(4)If—
(a)the cost to the person of the demolition exceeds the disposal value, and
(b)before its demolition the asset had not begun to be used for purposes other than research and development related to the relevant trade,
the person is to be treated as incurring qualifying expenditure equal to the excess.
(5)That qualifying expenditure is to be treated as incurred—
(a)when the demolition occurs, or
(b)if that is on or after the date on which the relevant trade is permanently discontinued, immediately before the discontinuance.
(6)If this section applies, the cost to the person of the demolition is not to be treated for the purposes of this Act as expenditure on any property that replaces the demolished asset.