Part 2 Structures and Buildings Allowances
Finance Act 2021 (2021 c 26) | Legislation

Part 2 Structures and Buildings Allowances

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Part 2A of CAA 2001 (structures and buildings allowances) is amended as follows.

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(1)     Section 270AA (structures and buildings allowances) is amended as follows.

(2)     In subsection (2)(b)(ii), for “the period of 33 1/3 years” substitute “the period of the length specified in subsection (2A),”.

(3)     After that subsection insert—

“(2A)     The length of the period referred to in subsection (2)(b)(ii) is—

(a)     in the case of freeport qualifying expenditure, 10 years, and

(b)     in the case of other qualifying expenditure, 33 1/3 years.”

(4)     In subsection (5), for “3% of the qualifying expenditure” substitute—

“(a)     in the case of freeport qualifying expenditure, 10% of the expenditure, and

(b)     in the case of other qualifying expenditure, 3% of the expenditure.”

(5)     In subsection (6), after “section—” insert—

““freeport qualifying expenditure” has the meaning given by section 270BNA;”.

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In section 270BJ (expenditure on renovation, conversion or incidental repairs), after subsection (2) insert—

“(2A)     For the purposes of subsection (1), in relation to a building or structure that has been brought into use at a time when the area in which the building or structure

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