Section 302 | Qualifying enterprise zone expenditure where section 295 or 296 applies ^F1

From legislation.gov.uk

(1)This section applies if—^F1

(a)expenditure is incurred on the construction of an EZ building,^F1

(b)only a part of the expenditure is incurred within the time limit, and^F1

(c)the circumstances are as described in—^F1

(i)section 295(1) (purchase of unused building where developer not involved), or^F1

(ii)section 296(1) (purchase of building which has been sold unused by developer).^F1

(2)Only a part of the qualifying expenditure given by section 295(2) or 296(2) or (3) (as the case may be) is qualifying enterprise zone expenditure.^F1

(3)The part of the qualifying expenditure that is qualifying enterprise zone expenditure is—^F1

Formula

QEx \frac{E}{T}

where—

QE is the qualifying expenditure,

E is the part of the expenditure on the construction of the EZ building that is incurred within the time limit, and

T is the total expenditure on the construction of the building.