Capital allowances: determination of capital value of industrial buildings etc.
21(1)This paragraph applies for the purposes of Part 3 of CAA 2001, and the other provisions of that Act which are relevant to that Part, in relation to a relevant transfer of the relevant interest in an industrial building or structure.
(2)This paragraph is subject to section 36 of FA 2007 (which makes provision about balancing adjustments etc under Part 3 of CAA 2001).
(3)The transfer is to be treated as a sale of that relevant interest.
(4)The net proceeds of that sale are to be treated—
(a)if a capital sum is received by the transferor by way of consideration or compensation in respect of the transfer, as an amount equal to that sum, or
(b)if no such sum is received, as nil.
(5)For the purposes of this paragraph a sum received by a person connected with the transferor is to be treated as received by the transferor.
(6)Sections 567 to 570 of CAA 2001 (sales treated as being for alternative amount) are not to have effect in relation to that sale.