building requirement
To qualify for a deduction under section 13quat, a person must have:
- erected an entirely new commercial or residential building;
- extended, added to or improved an existing commercial or residential building or part of such a building representing a floor area of at least 1 000 m2; or
- purchased a building or part of a building directly from a developer that –
- has erected, extended, added to or improved either an entire building or a part of a building representing a floor area of at least 1 000 m2;
- has not previously claimed any UDZ deduction on the building or part of a building; and
- in the case of the improvement of a building or part of a building, has incurred expenditure on these improvements which is equal to at least 20% of the purchase price paid by the purchaser for the building or part of the building.