Section 440 | Excluded expenditure: land

(1)Expenditure on the acquisition of land, or rights in or over land, is not qualifying expenditure.

(2)But that does not prevent such expenditure from being qualifying expenditure so far as it is referable to the acquisition of—

(a)a building or structure already constructed on the land,

(b)rights in or over such a building or structure, or

(c)plant or machinery which forms part of such a building or structure.

(3)For the purposes of subsection (2), the expenditure is to be apportioned in a just and reasonable manner.