Taxation of Chargeable Gains Act 1992 section 24A

Structures and buildings contributions allowances: destruction of asset

Section 24A allows a person who has contributed to the cost of a building or structure, and who has been claiming structures and buildings contribution allowances, to claim an allowable capital loss when that building or structure is destroyed, even though they do not own the building themselves.

• Where a building or structure is destroyed (triggering a deemed disposal), a contributor who has been receiving structures and buildings contribution allowances may be able to claim an allowable capital loss
• The allowable loss equals the "unclaimed allowance amount" — broadly, the portion of the contributor's qualifying expenditure that has not yet been relieved through contribution allowances claimed before the destruction
• The contributor's qualifying expenditure only counts to the extent it has not already been deducted in computing the building owner's chargeable gain on the deemed disposal
• Any claim must identify the building or structure concerned and specify the unclaimed allowance amount

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