|
|
Amendment of Chapter 8 (qualifying rural areas) of Part 10 of Principal Act.
|
45.—(1) Chapter 8 of Part 10 of the Principal Act is amended—
|
|
| |
(a) in section 372L—
|
|
| |
(i) by the insertion before the definition of “qualifying period” of the following:
|
|
| |
“ ‘property developer’ means a person carrying on a trade which consists wholly or mainly of the construction or refurbishment of building or structures with a view to their sale;”, and
|
|
| |
(ii) in the definition of “qualifying period”, by the substitution of “31 December 2002” for “the 31st day of December, 2001” in each place where it occurs,
|
|
| |
(b) in section 372M, in subsection (2)(d), by the substitution of “50 per cent” for “25 per cent”,
|
|
| |
(c) in section 372N—
|
|
| |
(i) in subsection (2)(a), by the substitution of “subsections (3) to (5)” for “subsections (3) to (6B)”,
|
|
| |
(ii) in subsection (4)(b)—
|
|
| |
(I) in subparagraph (i) by the deletion of “and”, and
|
|
| |
(II) by the substitution of the following subparagraphs for subparagraph (ii):
|
|
| |
“(ii) the following paragraph were substituted for paragraph (b) of subsection (2) of that section:
|
|
| |
‘(b) As respects any qualifying expenditure, any allowance made under section 272 and increased under paragraph (a) in respect of that expenditure, whether claimed for one chargeable period or more than one such period, shall not in the aggregate exceed 50 per cent of the amount of that qualifying expenditure.’,
|
|
| |
and
|
|
| |
(iii) subsections (3) to (7) of that section were deleted.”,
|
|
| |
and
|
|
| |
(iii) by the deletion of subsections (6), (6A) and (6B),
|
|
| |
(d) in section 372RA(2), by the insertion of the following paragraph after paragraph (a):
|
|
| |
“(aa) Notwithstanding paragraph (a), where the individual, or, being a husband or wife, the individual's spouse,. is assessed to tax in accordance with section 1017, the individual shall, except where section 1023 applies, be entitled to have the deduction, to which he or she is entitled under paragraph (a), made from his or her total income and the total income of his or her spouse, if any.”,
|
|
| |
and
|
|
| |
(e) by the substitution of the following section for section 372T:
|
| | |
“Non-application of relief in certain cases and provision against double relief.
|
372T.—(1) Notwithstanding any other provision of this Chapter sections 372M and 372N shall not apply—
|
|
|
(a) in respect of expenditure incurred on the construction or refurbishment of a building or structure or a qualifying premises—
|
|
|
(i) where a property developer is entitled to the relevant interest, within the meaning of section 269, in relation to that expenditure, and
|
|
|
(ii) either the person referred to in subparagraph (i) or a person connected (within the meaning of section 10) with that person incurred the expenditure on the construction or refurbishment of the building, structure or premises concerned,
|
|
|
(b) in respect of expenditure incurred on the construction or refurbishment of a building or structure or qualifying premises where such building or structure or premises is in use for the purposes of a trade, or any activity treated as a trade, carried on by the person who is entitled to the relevant interest, within the meaning of section 269, in relation to that expenditure and such trade or activity is carried on wholly or mainly—
|
|
|
(i) in the sector of agriculture, including the production, processing and marketing of agricultural products,
|
|
|
(ii) in the coal industry, fishing industry or motor vehicle industry, or
|
|
|
(iii) in the transport, steel, ship-building, synthetic fibres or financial services sectors,
|
|
|
or
|
|
|
(c) in relation to any building or structure or qualifying premises which is in use for the purposes of a trade, or any activity treated as a trade, where the number of individuals employed or engaged in the carrying on of the trade or activity amounts to or exceeds 2.50.
|
|
|
(2) Where relief is given by virtue of any provision of this Chapter in relation to capital expenditure or other expenditure incurred on, or rent payable in respect of, any building, structure or premises, relief shall not be given in respect of that expenditure or that rent under any other provision of the Tax Acts.”.
|
|
|
| |
(2) This section shall apply as on and from 1 July 1999.
|
