Part 3A

Business Premises Renovation Allowances
Chapter 7

GRANTS IN RESPECT OF QUALIFYING EXPENDITURE

Grants affecting entitlement to allowances
360L
1
No initial allowance or writing-down allowance under this Part is to be made in respect of qualifying expenditure in respect of a qualifying building if a relevant grant or relevant payment is made towards—
a
that expenditure, or
b
any other expenditure which is incurred by any person in respect of the same building, and on the same single investment project as that expenditure.
2
An initial allowance or writing-down allowance made in respect of qualifying expenditure is to be withdrawn if—
a
after it is made, a relevant grant or relevant payment is made towards that expenditure, or
b
within the period of 3 years beginning when that expenditure was incurred, a relevant grant or relevant payment is made towards any other expenditure which is incurred by any person in respect of the same building, and on the same single investment project, as that expenditure.
3
All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (2).
4
If a person who has made a return becomes aware that, after making it, anything in it has become incorrect because of the operation of this section, that person must give notice to an officer of Revenue and Customs specifying how the return needs to be amended.
5
The notice must be given within 3 months beginning with the day on which the person first became aware that anything in the return had become incorrect because of the operation of this section.
6
In this section—
- “
General Block Exemption Regulation
” means Commission Regulation (
EU
) No 651/2014 (General block exemption Regulation)
as it had effect in the United Kingdom immediately before IP completion day
;
- “
relevant grant or relevant payment
” means a grant or payment which is—
  1. a State aid, other than an allowance under this Part, or
  2. a grant or subsidy, other than a State aid, which the Treasury by order declares to be relevant for the purposes of the withholding of allowances under this Part;
- “
single investment project
” has the same meaning as in the General Block Exemption Regulation.
7
Nothing in this section limits references to “State aid” to State aid which is required to be notified to and approved by the European Commission.
8
The Treasury may by order amend this section to make provision consequential upon the General Block Exemption Regulation being replaced by another instrument.
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
S. 360L substituted (with effect in accordance with s. 66(10)-(13) of the amending Act) by Finance Act 2014 (c. 26), s. 66(8)
Words in s. 360L(6) inserted (31.12.2020) by The Taxes (State Aid) (Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1499), regs. 1, 3(6)