Capital Allowances Act 2001 section 374

First use of building not for purposes of husbandry, etc

Section 374 deals with the consequences for writing-down allowances when an agricultural building is first used for a purpose other than husbandry, or is sold before being used at all.

• No writing-down allowance is available if an agricultural building's first use is not for husbandry purposes
• Previously claimed allowances on unused buildings must be withdrawn if the building's first use is not for husbandry
• Allowances must also be withdrawn if the claimant sells their interest in the building before it is first used
• HMRC will make any necessary assessments and adjustments to give effect to these rules