Commentary

B3.1111 Business premises renovation—writing-down allowances

Business tax
Business tax | Commentary

B3.1111 Business premises renovation—writing-down allowances

Business tax | Commentary

B3.1111 Business premises renovation—writing-down allowances

A person is entitled to a writing-down allowance for a chargeable period if he has incurred qualifying expenditure (see B3.1102) in respect of a qualifying building (see B3.1103) and, at the end of the chargeable period:

  1.  

    (a)     he is entitled to the relevant interest in the qualifying building (see B3.1105)

  2.  

    (b)     he has not granted a long lease of the qualifying building out of the relevant interest in consideration of the payment of a capital sum; and

  3.  

    (c)     the qualifying building constitutes qualifying business premises (see B3.1104)1

The writing-down allowance cannot exceed the residue of qualifying

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