116. Business premises renovation allowances generally.

A person who has incurred1 qualifying expenditure2 in respect of any qualifying building3 in which he has the relevant interest4 is entitled to an initial allowance of 100 per cent of the expenditure for the chargeable period5 in which it is incurred6. However, no such allowance is to be made if, at the relevant time7, the qualifying building does not constitute qualifying business premises8.

A person is entitled to a writing-down allowance of 25 per cent of the qualifying expenditure for a chargeable period if he has incurred qualifying expenditure in respect of a qualifying building and, at the end