Commentary

B3.1110 Business premises renovation—initial allowances

Business tax
Business tax | Commentary

B3.1110 Business premises renovation—initial allowances

Business tax | Commentary

Business premises renovation—the allowances

B3.1110 Business premises renovation—initial allowances

A person who has incurred qualifying expenditure on a qualifying building is entitled to an initial allowance of 100% of the qualifying expenditure (see B3.1102)1.

The claimant may require the initial allowance to be reduced to a specified amount2.

The initial allowance is made for the chargeable period in which the qualifying expenditure is incurred3.

No initial allowance is to be made if, at the 'relevant time', the qualifying building does not constitute qualifying business premises4. The 'relevant time' means the time when the premises are first used by the person with the

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