Section 270BC | Sale of unused buildings or structures (other than by a developer) ^F1

(1)This section applies if—^F1

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

(b)the relevant interest in the building or structure is sold before the building or structure is first used,^F1

(c)a capital sum is paid by the purchaser for the relevant interest, and^F1

(d)section 270BD (sale by a developer: unused buildings or structures) does not apply.^F1

(2)The lesser of—^F1

(a)the capital sum paid by the purchaser for the relevant interest, and^F1

(b)the capital expenditure incurred on the construction,^F1

is qualifying capital expenditure.

(3)Where this section applies, the qualifying expenditure is to be treated as incurred by the purchaser when the capital sum is paid.^F1

(4)If the relevant interest is sold more than once before the building or structure is first used, subsection (2) has effect only in relation to the last of those sales.^F1