Part 3A

Business Premises Renovation Allowances
Chapter 5

INITIAL ALLOWANCES

Initial allowances
360G
1
A person who has incurred qualifying expenditure in respect of any qualifying building is entitled to an initial allowance in respect of the expenditure.
2
The amount of the initial allowance is 100% of the qualifying expenditure.
3
A person claiming an initial allowance under this section may require the allowance to be reduced to a specified amount.
4
The initial allowance is made for the chargeable period in which the qualifying expenditure is incurred.
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. 3A inserted (11.4.2007 with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 1; S.I. 2007/949, art. 2