Taxes Consolidation Act 1997 section 322

Interpretation (Chapter 1)

Section 322 set out the interpretation provisions for the capital allowances regime that applied to commercial buildings and structures constructed or refurbished within the Custom House Docks Area during the specified period.

• Defined "qualifying premises" as a commercial building or structure sited wholly within the Custom House Docks Area, excluding industrial buildings and dwelling houses.
• Applied the industrial buildings allowance provisions to such commercial premises despite the normal exclusion of offices, shops and similar buildings from those provisions.
• Made available a 4% annual writing-down allowance, a 50% industrial building (initial) allowance, and free depreciation of up to 100% for owner-occupiers.
• Disapplied any balancing charge arising more than 13 years after the qualifying premises was first used or, in refurbishment cases, more than 13 years after that expenditure was incurred.