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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 May 2003 - onwards
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405. Restriction on use of capital allowances on holiday cottages.

(1) Subject to subsection (2) and (3), where on or after the 24th day of April, 1992, a person incurs capital expenditure on the acquisition or construction of a building or structure which is or is to be an industrial building or structure by virtue of being a holiday cottage within the meaning of section 268, and an allowance is to be made in respect of that expenditure under section 271 or 272  -

(a) sections 305(1)(b), 308(4) and 420(2) shall not apply as respects that allowance, and

(b) neither section 381 nor section 396(2) shall apply as respects the whole or part (as the case may be) of any loss which would not have arisen but for the making of that allowance.

(2) This section shall not apply to expenditure incurred before the 6th day of April, 1993, on the acquisition or construction of a building or structure (in this subsection referred to as "the holiday cottage") which is or is to be an industrial building or structure by virtue of being a holiday cottage within the meani

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