Part 3A

Business Premises Renovation Allowances
Chapter 9

WRITING OFF QUALIFYING EXPENDITURE

Treatment of demolition costs
360S
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.
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