Part 3

Industrial buildings allowances
Chapter 5

Initial allowances

Grants affecting entitlement to initial allowances
308
1
No initial allowance is to be made in respect of expenditure to the extent that it is taken into account for the purposes of a relevant grant or relevant payment made towards that expenditure.
2
A grant or payment is relevant if it is—
a
a grant made under section 32, 34 or 56(1) of the Transport Act 1968 (c. 73),
b
a payment made under section 56(2) of the Transport Act 1968, or
c
a grant made under section 101 of the Greater London Authority Act 1999 (c. 29),
which is declared by the Treasury by order to be relevant for the purposes of the withholding of initial allowances.
3
If a relevant grant or relevant payment towards the expenditure is made after the making of an initial allowance, the allowance is to be withdrawn to that extent.
4
If the amount of the grant or payment is repaid by the grantee to the grantor, in whole or in part, the grant or payment is treated, to that extent, as never having been made.
5
All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (3) or (4).
6
Any such assessment or adjustment is not out of time if it is made within 3 years of the end of the chargeable period in which the grant, payment or repayment was made.