PART 2A

STRUCTURES AND BUILDINGS ALLOWANCES
CHAPTER 7A

Adjustment for pre-April 2020 allowance

Adjustment for pre-April 2020 allowance
270GD
1
This section applies if—
a
on the relevant date, a person is entitled to an allowance under this Part by reference to qualifying expenditure incurred in relation to a building or structure,
b
the person does not dispose of the relevant interest in the building or structure before the end of the period mentioned in section 270AA(2)(b)(ii) (the “allowance period”), and
c
at the end of the allowance period, the person is entitled to an allowance under this Part by reference to the qualifying expenditure mentioned in paragraph
(a)
.
2
The person is entitled to an additional amount of allowance for the chargeable period in which the allowance period ends.
3
The additional amount of the allowance is 1% of the qualifying expenditure multiplied by the following fraction—
D / 365
where D is the number of days during the period beginning with 29 October 2018 and ending with the relevant date in respect of which an allowance under this Part by reference to the qualifying expenditure was made to the person.
4
For the purposes of this section “the relevant date” means—
a
for income tax purposes, 5 April 2020, or
b
for corporation tax purposes, 31 March 2020.
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
Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2
Pt. 2A Ch. 7A inserted (1.4.2020 for corporation tax purposes and 6.4.2020 for income tax purposes) by Finance Act 2020 (c. 14), s. 29(5)(6) (with s. 29(7))