Part 4

Agricultural buildings allowances
Chapter 2

The relevant interest

General rule as to what is the relevant interest
364
1
The relevant interest in relation to any qualifying expenditure is the freehold or leasehold interest in the related agricultural land to which the person who incurred the expenditure on the construction of the agricultural building was entitled when the expenditure was incurred.
2
Subsection (1) is subject to the following provisions of this Chapter.
3
If, when the expenditure was incurred—
a
the person was entitled to freehold and leasehold interests or to more than one leasehold interest in the related agricultural land, and
b
one of those interests was reversionary on all the others,
the reversionary interest is the relevant interest.
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)