Section 270BB | Capital expenditure incurred on construction ^F1

(1)If—^F1

(a)capital expenditure is incurred on the construction of a building or structure, and^F1

(b)the relevant interest in the building or structure has not been sold or, if it has been sold, it has been sold only after the building or structure has been brought into non-residential use,^F1

the capital expenditure is qualifying capital expenditure.

(2)Subsection (3) applies where capital expenditure as mentioned in subsection (1)(a) is incurred in relation to a building or structure—^F1

(a)after it has been brought into non-residential use, and^F1F2

(b)on different days (whether or not in the same chargeable period).^F1

(3)The expenditure may be treated for the purposes of this Part as being incurred—^F1

(a)on the latest day on which qualifying capital expenditure on the construction is incurred,^F1

(b)on the first day of the chargeable period following the period in which the day mentioned in paragraph (a) falls, or^F1

(c)on the first day of the chargeable period following the period in which the day on which the expenditure is incurred falls.^F1