Capital Allowances Act 2001 section 270BNC

Power to amend meaning of "freeport qualifying expenditure" etc.

Section 270BNC gives the Treasury the power to make regulations that can change what counts as "freeport qualifying expenditure" and how such expenditure is treated for structures and buildings allowance purposes.

• The Treasury can add, remove or alter the conditions that expenditure must meet to qualify as freeport qualifying expenditure, and can specify when expenditure should be treated as freeport or non-freeport qualifying expenditure
• The requirement for the building or structure to be in a freeport tax site cannot be removed by regulations, although the timing of when that requirement must be met can be changed
• Regulations may impose conditions about record-keeping, require specified actions, and can make different provision for different purposes, including consequential and transitional provisions
• The power to treat expenditure as freeport or non-freeport qualifying expenditure applies only to expenditure incurred on or after the date the relevant regulations come into force