Urban Renewal Act, 1998

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Amendment of provisions relating to Custom House Docks Area.

20.—(1) The Taxes Consolidation Act, 1997 , is hereby amended—

(a) in section 322—

(i) in subsection (1), by the substitution of the following for the definition of “the specified period”:

“‘the specified period’ means the period commencing on the 25th day of January, 1988, and ending on—

(a) the 24th day of January, 1999, for the purposes of section 324,

(b) the 31st day of December, 1999, for the purposes of sections 325 to 328, and

(c) the 31st day of December, 1999, for the purposes of section 323; but where, in relation to the construction of a qualifying premises within the meaning of that section, at least 51 per cent of the total capital expenditure which is incurred on the construction of the premises is incurred before the 1st day of January, 2000, the reference in this paragraph to the 31st day of December, 1999, shall be construed as a reference to the 30th day of June, 2000.”, and

(ii) in subsection (2), by the substitution of the following for paragraph (b):

“(b) as respects any such area so described, the definition of ‘the specified period’ shall be construed as a reference to such period as shall be specified in the order in relation to that area; but no such period specified in the order shall commence before the 26th day of January, 1994, or end after—

(i) the 24th day of January, 1999, for the purposes of section 324,

(ii) the 31st day of December, 1999, for the purposes of sections 325 to 328, and

(iii) the 31st day of December, 1999, for the purposes of section 323; but where, in relation to the construction of a qualifying premises within the meaning of that section, at least 51 per cent of the total capital expenditure which is incurred on the construction of the premises is incurred before the 1st day of January, 2000, the reference in this subparagraph to the 31st day of December, 1999, shall be construed as a reference to the 30th day of June, 2000,”,

(b) in section 323, by the deletion of subsection (3)(b), and

(c) in section 409A (inserted by section 30 of the Finance Act, 1998 ) by the substitution, in subsection (5)(b), of the following for the words from “the 1st day of May, 1998,” to the end of that subsection:

“(I) the 1st day of May, 1998, except in the case of a specified building to which clause (II) applies, or

(II) the 1st day of August, 1998, in the case of a specified building in respect of which an allowance is to be made, or will by virtue of section 279 be made, for the purposes of income tax under Chapter 1 of Part 9 by virtue of Chapter 1 of Part 10,

pursuant to negotiations which were in progress before the 3rd day of December, 1997.”.

(2) Section 25 of the Finance Act, 1998 , is hereby repealed.