Energy Act 2004

Prospective

Residue of qualifying expenditure on industrial buildingsE+W+S+N.I.

6(1)This paragraph applies where—E+W+S+N.I.

(a)the NDA disposes of the relevant interest in an industrial building; or

(b)an NDA company carrying on exempt activities disposes of the relevant interest in an industrial building.

(2)Section 313 and Chapter 8 of Part 3 of the Capital Allowances Act 2001 (c. 2) (meaning of “residue of qualifying expenditure” and writing off of qualifying expenditure) apply to determine the residue of expenditure in the hands of the person who acquires the relevant interest as if—

(a)exempt activities carried on by the NDA or the NDA company had not been exempt activities; and

(b)all writing down allowances, and balancing allowances and charges, had been made as could have been made but for those activities being exempt activities.

(3)In this paragraph “relevant interest” and “industrial building” have the same meanings as in Part 3 of the Capital Allowances Act 2001.

(4)References in this paragraph to the NDA or an NDA company disposing of a relevant interest in an industrial building include references to the transfer in accordance with a nuclear transfer scheme of such an interest—

(a)from the NDA or that company,

(b)to a person who is neither the NDA nor an NDA company.