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Amendment of section 843A (capital allowances for buildings used for certain childcare purposes) of Principal Act.
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63.—(1) Section 843A of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by the insertion of the following definition after the definition of ‘pre-school child’ and ‘pre-school service’:
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“ ‘property developer’ means a person carrying on a trade which consists wholly or mainly of the construction or refurbishment of buildings or structures with a view to their sale;”,
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and
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(ii) by the substitution of the following definition for “qualifying expenditure”—
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“ ‘qualifying expenditure’ means capital expenditure incurred on the construction, conversion or refurbishment of a qualifying premises;”,
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(b) in subsection (3) by the insertion after “qualifying expenditure” of “incurred on or after 2 December 1998”,
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(c) by the insertion of the following subsection after subsection (3):
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“(3A) For the purposes of the application, by subsection (2), of sections 271 and 273 in relation to qualifying expenditure incurred on or after 1 December 1999 on a qualifying premises—
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(a) section 271 shall apply—
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(i) as if in subsection (1) of that section the definition of ‘industrial development agency’ were deleted,
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(ii) as if in subsection (2)(a)(i) of that section ‘to which subsection (3) applies’ were deleted,
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(iii) as if subsection (3) of that section were deleted,
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(iv) as if the following subsection were substituted for subsection (4) of that section:
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‘(4) An industrial building allowance shall be an amount equal to 100 per cent of the capital expenditure mentioned in subsection (2).’,
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and
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(v) as if subsection (5) of that section were deleted,
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and
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(b) section 273 shall apply—
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(i) as if in subsection (1) of that section the definition of ‘industrial development agency’ were deleted, and
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(ii) as if subsections (2)(b) and (3) to (7) of that section were deleted.”,
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(d) by the insertion of the following subsection after subsection (4):
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“(5) Subsections (3) and (3A) shall not apply in respect of qualifying expenditure incurred on a qualifying premises on or after 1 December 1999—
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(a) where a property developer is entitled to the relevant interest, within the meaning of section 269, in that qualifying premises, and
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(b) either the person referred to in paragraph (a) or a person connected (within the meaning of section 10) with that person incurred the qualifying expenditure on that qualifying premises.”.
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(2) This section shall come into operation on such day as the Minister for Finance may, by order, appoint.
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