Capital Allowances Act 2001 section 524

Writing off initial allowances

Section 524 deals with how initial allowances previously granted for qualifying dwelling-houses are written off against the qualifying expenditure.

• This section applies where an initial allowance was made for a qualifying dwelling-house under the Finance Act 1982.
• The full amount of the initial allowance is written off against the qualifying expenditure attributable to that dwelling-house.
• The write-off takes effect at the point when the dwelling-house is first used.
• Initial allowances under these provisions are no longer available, but this section ensures any historically granted allowances are properly accounted for.