Section 360I | Entitlement to writing-down allowances ^F1

(1)A person is entitled to a writing-down allowance for a chargeable period if he has incurred qualifying expenditure in respect of a qualifying building and, at the end of the chargeable period—

(a)the person is entitled to the relevant interest in the qualifying building,

(b)the person has not granted a long lease of the qualifying building out of the relevant interest in consideration of the payment of a capital sum, and

(c)the qualifying building constitutes qualifying business premises.

(2)In subsection (1)(b) “ long lease ” means a lease the duration of which exceeds 50 years.

(3)Whether the duration of a lease exceeds 50 years is to be determined—

(a)in accordance with section 303 of ITTOIA 2005, and

(b)without regard to section 360Z3(3) of this Act (new lease granted as a result of the exercise of an option treated as continuation of old lease).

(4)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.