Finance Act, 1981
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Provisions supplementary to section 23. |
24.—(1) This section applies to expenditure incurred on the conversion into two or more houses of a building which, prior to the conversion, had not been in use as a dwelling or had been in use as a single dwelling. | |
(2) As respects expenditure to which this section applies, section 23 shall, with any necessary modifications, apply as if the expenditure incurred on the conversion of the building into two or more houses had actually been incurred on the construction of the houses and as if— | ||
(a) in paragraph (ii) of the definition of “qualifying lease”, the reference to the relevant cost of a house were a reference to the market value of the house at the time the conversion is completed: | ||
Provided that, in the case of a house which is a part of a building and which is not saleable apart from the building of which it is a part, the market value of the house at the time the conversion is completed shall, for the purposes of this paragraph, be taken to be an amount which bears to the market value of the building at that time the same proportion as the total floor area of the house bears to the total floor area of the building, | ||
(b) in paragraph (iv) of the definition of “qualifying premises”, “subsequent to the incurring of the expenditure on the conversion” were inserted after “without having been used”, | ||
(c) the definition of “relevant cost” and subsections (6) (b) and (7) (b) were deleted, | ||
(d) the references in subsection (3) of that section to relevant cost were deleted, | ||
(e) the references in subsections (6) (a) and (7) (a) to the relevant price paid on the sale were references to— | ||
(i) the net price paid on the sale, or | ||
(ii) in case only a part of the expenditure to which this section applies falls to be treated, for the purposes of subsection (2) of that section, as having been incurred in the qualifying period, the amount which bears to the said net price the same proportion as that part bears to the whole of that expenditure, | ||
(f) the references in subsection (7) (a) to a house being used were references to the house being used subsequent to the incurring of the expenditure on the conversion, and | ||
(g) in subsection (9) (a), “section 5” were substituted for “section 4”. | ||
(3) This section shall not apply in the case of a conversion unless planning permission in respect of the conversion has been granted under the Local Government (Planning and Development) Acts, 1963 and 1976. |