F1Part 3ABusiness Premises Renovation Allowances
Chapter 9WRITING OFF QUALIFYING EXPENDITURE
360QIntroduction
For the purposes of this Part qualifying expenditure is written off to the extent and at the times specified in this Chapter.
360RWriting off initial allowances and writing-down allowances
(1)
If an initial allowance is made in respect of the qualifying expenditure, the amount of the allowance is written off at the time when the qualifying business premises are first used, or suitable for letting for use, for either of the purposes mentioned in section 360D(1)(b).
(2)
If a writing-down allowance is made in respect of the qualifying expenditure, the amount of the allowance is written off at the end of the chargeable period for which the allowance is made.
(3)
If a balancing event occurs at the end of the chargeable period referred to in subsection (2), the amount written off under that subsection is to be taken into account in calculating the residue of qualifying expenditure immediately before the event to determine what balancing adjustment (if any) is to be made.
360STreatment of demolition costs
(1)
This section applies if—
(a)
a qualifying building is demolished, and
(b)
the person who incurred the qualifying expenditure incurs the cost of the demolition.
(2)
The net cost of the demolition is added to the residue of qualifying expenditure immediately before the demolition.
(3)
“ The net cost of the demolition ” means the amount, if any, by which the cost of the demolition exceeds any money received for the remains of the qualifying building.
(4)
If this section applies, neither the cost of the demolition nor the net cost of the demolition is treated for the purposes of any Part of this Act as expenditure on any other property replacing the qualifying building demolished.