Taxes Consolidation Act 1997 section 323

Capital allowances in relation to construction of certain commercial premises

Section 323 provided capital allowances for capital expenditure on the construction or refurbishment of commercial buildings and structures in the Custom House Docks Area, where the work was carried out during the specified period.

The relief operated as follows:

• The building had to be a "qualifying premises" — broadly, a non-industrial, non-residential commercial building wholly within the Custom House Docks Area, used in a trade or profession or let on bona fide arm's length commercial terms.
• Annual writing-down allowances of 4 per cent were available to both owner-occupiers and lessors.
• An industrial building (initial) allowance of 50 per cent was available to both owner-occupiers and lessors, and free depreciation of up to 100 per cent was available to owner-occupiers only.
• No balancing charge arose if the relevant event occurred more than 13 years after the premises was first used (or more than 13 years after the refurbishment expenditure was incurred).