Taxes Consolidation Act 1997 section 85

Deduction for certain industrial premises

Section 85 provides a deduction for traders who own and occupy certain industrial premises constructed before 30 September 1956, based on the rateable valuation of those premises.

• Owners who occupy qualifying industrial buildings or structures for the purposes of their trade may claim a deduction equal to five-twelfths of the rateable valuation of the premises.
• The deduction applies only to industrial buildings or structures where the capital expenditure on construction was incurred before 30 September 1956, as these pre-date the introduction of industrial building allowances.
• The same deduction is available to persons carrying on concerns such as quarries, mines, and similar land-based ventures who own and occupy qualifying premises for business purposes.
• Where only part of a property qualifies as eligible premises, the rateable valuation must be apportioned, with the inspector making the initial apportionment subject to amendment by the Appeal Commissioners on appeal.