Capital Allowances Act 2001 section 491

Allowances available in relation to old expenditure only

Section 491 restricts capital allowances under this Part to historic expenditure incurred within a specific window and, for assured tenancies, imposes additional conditions linked to approved body status and pre-Budget commitments.

• Qualifying expenditure must have been incurred after 9 March 1982 and before 1 April 1992 for any allowance to be available.
• Where the tenancy is an assured tenancy under the Housing Act 1988, the expenditure must also satisfy one of two additional tests relating to approved bodies.
• The first test requires the expenditure to have been incurred by, or the building interest sold to, a company that was an approved body on 15 March 1988, with the spending made or contracted for before that date.
• The second test requires the expenditure to have been incurred by a company that was an approved body on 15 March 1988 and that bought or contracted to buy the relevant interest in the building before that date.