Section 269 Meaning of "the relevant interest"
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(1) Subject to this section, in this Chapter, "the relevant interest", in relation to any expenditure incurred on the construction of a building or structure, means the interest in that building or structure to which the person who incurred the expenditure was entitled when the person incurred the expenditure.
How is "the relevant interest" defined in relation to expenditure on a building or structure?
(1) The relevant interest in an industrial building or structure describes the type of legal title of the person who paid for the building work. Broadly, it means the type of legal interest held by you where you are the person who incurred the constr...
Who can claim the capital allowances on an industrial building?
It is not essential that the building be in use as an industrial building by the person claiming the allowance. Thus, as a landlord, you may be entitled to an allowance in respect of a building which is used for industrial purposes by your tenant (ex...
(2) Where, when a person incurs expenditure on the construction of a building or structure, the person is entitled to 2 or more interests in the building or structure and one of those interests is an interest which is reversionary on all the others, that interest shall be the relevant interest for the purposes of this Chapter.
How are my allowances affected if I have more than one interest in an industrial building?
(2) Where you incur the expenditure on the building and you have two or more interests in the building at the time you incur the expenditure, the interest which is reversionary on all the others is the relevant interest.
(3) An interest shall not cease to be the relevant interest for the purposes of this Chapter by reason of the creation of any lease or other interest to which that interest is subject, and where the relevant interest is a leasehold interest and is extinguished by reason of the surrender of the leasehold interest, or on the person entitled to the leasehold interest acquiring the interest which is reversionary on the leasehold interest, the interest into which that leasehold interest merges shall thereupon become the relevant interest.
