Section 297 | Purchase of used building from developer ^F1

(1)This section applies if—

(a)expenditure is incurred by a developer on the construction of a building, and

(b)the relevant interest is sold by the developer in the course of the development trade after the building has been used.

(2)This Part has effect in relation to the person to whom the relevant interest is sold as if—

(a)the expenditure on the construction of the building had been qualifying expenditure,

(b)all appropriate writing-down allowances had been made to the developer, and

(c)any appropriate balancing adjustment had been made on the occasion of the sale.

(3)This section is subject to sections 301 and 303 (purchase of building in enterprise zone within 2 years of first use).