Related Commentary  

503(1)  This section applies if–

(a)expenditure has been incurred by a developer on the construction of a building which was to be or include a qualifying dwelling-house, and

(b)the relevant interest was sold by the developer in the course of the development trade before the first use of any dwelling-house comprised in the building.

503(2)  If–

(a)the sale of the relevant interest by the developer was the only sale of that interest before the first use of any dwelling-house comprised in the building, and

(b)a capital sum was paid by the purchaser for the relevant interest,

the capital sum is qualifying expenditure.

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