Capital Allowances Act 2001 section 299

Application of section 294

Section 299 confirms that capital expenditure on constructing an enterprise zone building qualifies as enterprise zone expenditure, provided it is incurred within the permitted time limit.

• Capital expenditure must be on the construction of an enterprise zone (EZ) building
• The expenditure must be incurred within the time limit set for the enterprise zone
• If both conditions are met, the qualifying expenditure (as determined under section 294) becomes qualifying enterprise zone expenditure
• This is one of several sections that convert general qualifying expenditure into the more specific category of qualifying enterprise zone expenditure, which attracts enhanced allowances