Part 4

Agricultural buildings allowances
Chapter 1

Introduction

Agricultural buildings allowances
361
1
Allowances are available under this Part if—
a
capital expenditure has been incurred on the construction of a building (such as a farmhouse, farm building or cottage) or on the construction of fences or other works,
b
the expenditure was incurred—
i
by a person having a freehold or leasehold interest in land in the United Kingdom occupied wholly or mainly for the purposes of husbandry, and
ii
for the purposes of husbandry on that land, and
c
the expenditure, or other expenditure, is qualifying expenditure.
2
In this Part—
a
“
agricultural building
” means a building, fence or other works referred to in subsection (1)(a), and
b
“
the related agricultural land
” means the land referred to in subsection (1)(b).
3
Allowances under this Part are made to the person who for the time being has the relevant interest (see Chapter 2) in relation to the qualifying expenditure (see Chapter 3).
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. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)
Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)