Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Industrial Building Allowance - Qualifying Person 

Put it in simple words, the person incurring the expenditure can get the initial allowance. Thereafter, the person entitled to “the relevant interest” in relation to the expenditure can get the annual allowance, and balancing allowance or balancing charge on sale or demolition of the building. 

“Relevant interest” is defined as the interest in the building which the person who incurred the expenditure was entitled to when he incurred it. Thus, if the person originally incurring the expenditure was the Government lessee, any subsequent owner who is the Government lessee has the relevant interest; or if the original expenditure was by a person occupying the building under a lease, anyone subsequently occupying the building under the remainder of that lease has the relevant interest. 

It is not necessary for the building to be used  by the landlord for a qualifying trade. If a building is leased and used by the occupant for a qualifying purpose, the landlord, being the person having the relevant interest in the capital expenditure incurred on construction, is entitled to the allowances. 

A lessee who merely pays rent for the lease of an industrial building cannot get the allowances. But a tenant who incurs expenditure on a building and uses it for a qualifying trade can get the allowances.

It is possible for two separate persons to be given an allowance in respect of the same building, for example the owner who bore the cost of the construction and subsequent holders of his relevant interest may get an allowance based on the original cost of construction; the lessee who incurred capital expenditure on constructing alterations and improvements can also get an allowance on such expenditure and so may any subsequent holders of his relevant interest.  

Initial and annual allowances

 

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