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This is the original version (as it was originally enacted).
(1)This section applies where expenditure falling within section 123 is expenditure on the construction of a building, fence or other works and, before the building, fence or works comes to be used, the relevant interest is sold.
(2)Where this section applies—
(a)the expenditure shall be left out of account for the purposes of this Part and, accordingly, any writing-down allowance made in respect of the expenditure shall be withdrawn and all such assessments and adjustments of assessments shall be made as may be necessary to give effect to that withdrawal;
(b)section 126 shall not apply; and
(c)the person who buys the relevant interest shall be treated for the purposes of this Part as having incurred, on the date when the purchase price becomes payable, expenditure falling within section 123 on the construction of the building, fence or other works.
(3)The expenditure referred to in subsection (2)(c) above is whichever is the lesser of—
(a)the net price paid by the person concerned for the purchase of the relevant interest; and
(b)the expenditure referred to in subsection (1) above.
(4)Where the relevant interest is sold more than once in circumstances falling within subsection (1) above, subsection (2)(c) and (3) above shall have effect only in relation to the last of those sales.
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