Taxes Consolidation Act 1997 section 372F

Rented residential accommodation: deduction for certain expenditure on construction

Section 372F provided a deduction against rental income for construction expenditure incurred on qualifying rented residential premises in designated urban renewal areas, but was repealed by Finance Act 2002 and the relief consolidated elsewhere.

• Gave a lessor a deduction against Case V rental income for construction expenditure on a qualifying premises let under a qualifying lease.
• Applied to houses within a qualifying area or fronting a qualifying street, used solely as a dwelling, with a floor area of 38 to 125 square metres.
• Triggered a clawback (deemed rental receipt) if the house ceased to qualify or the lessor's interest was sold within the 10-year relevant period.
• Repealed by section 24(3) Finance Act 2002 and consolidated, along with similar reliefs, into Chapter 11 of Part 10.