Assured tenancy allowances are given only to bodies that were
approved under the assured tenancy scheme, which ran from 1980 to
1992. The allowances are given where qualifying expenditure has
been incurred on a building that is or includes a qualifying
dwelling house. Assured tenancy allowance is available only where
the qualifying expenditure was incurred between 10 March 1982 and
31 March 1992.
The assured tenancy allowance scheme is similar to IBA. For
example, no allowances are due for the cost of land or rights in or
over land. Writing down allowances are given to the person who
holds the relevant interest at 4% per annum on the straight-line
basis
CA86000. Where the relevant interest is
transferred, there is a balancing adjustment on the transferor, the
rate of writing down allowance is adjusted and allowances, if any,
thereafter go to the transferee.
The conditions about bodies that can claim allowances and the
fact that qualifying expenditure must have been incurred before 1
April 1992 mean you are very unlikely to see any wholly new claims,
where assured tenancy allowance has not previously been given to
the current or a previous landlord. However, you may get continuing
claims to writing down allowances for chargeable periods up to 2017
or exceptionally beyond.
The assured tenancy scheme was introduced in the Housing Act
1980 to encourage the construction of residential properties for
letting. The scheme applied to England and Wales only. Bodies
approved under the scheme by the Secretary of State for the
Environment were able to let dwelling houses at freely negotiated
rents not restricted by the Rent Acts. The approved bodies were
mostly either subsidiaries of insurance companies or housing
associations.
An
assured tenancy is:
CAA01/PART10 gives allowances for expenditure incurred on the
construction of buildings that consist of or include qualifying
dwelling houses. You should use the definition of
dwelling house in the Rent Act 1977.
A
qualifying dwelling houseCA85400 is a dwelling house let on a
tenancy which is an assured tenancy or which is let on a "regulated
tenancy" or "housing association tenancy" after having been let on
an assured tenancy.
