Commentary

B3.1010 Initial allowances

Business tax
Business tax | Commentary

B3.1010 Initial allowances

Business tax | Commentary

The flat conversion allowances

B3.1010 Initial allowances

These allowances are not available for expenditure incurred on or after 6 April 2013 (income tax) or 1 April 2013 (corporation tax). However, see B3.1012 for balancing adjustments which can still apply.

A person who has incurred qualifying expenditure on a flat before 6 April 2013 (income tax) or 1 April 2013 (corporation tax) is entitled to an initial allowance of 100% of the qualifying expenditure for the chargeable period in which the expenditure is incurred1. He may require the initial allowance to be reduced to a specified amount2.

The initial allowance is not

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