Finance Act 2008

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Amendment of restriction on property developers under certain schemes and of capital allowances for certain childcare facilities.

29.— (1) The Principal Act is amended—

(a) in section 268—

(i) in subsection (1A) by substituting the following for paragraph (d):

“(d) a property developer (within the meaning of section 843A) or a person who is connected with the property developer, in the case where either of such persons incurred the capital expenditure on the construction of that building or structure, or such expenditure was incurred by any other person connected with the property developer,”,

and

(ii) in subsection (1D) by substituting the following for paragraph (d):

“(d) a property developer (within the meaning of section 843A) or a person who is connected with the property developer, in the case where either of such persons incurred the capital expenditure on the construction of that building or structure, or such expenditure was incurred by any other person connected with the property developer,”,

(b) in section 372AZ(1)(a)—

(i) in subparagraph (i) by inserting “or a person who is connected (within the meaning of section 10) with the property developer” after “a property developer”, and

(ii) by substituting the following subparagraph for subparagraph (ii):

“(ii) either of the persons referred to in subparagraph (i) incurred the capital expenditure on the construction or refurbishment of the building or structure concerned, or such expenditure was incurred by any other person connected (within the meaning of section 10) with the property developer,”,

and

(c) in section 843A—

(i) in the definition of “qualifying premises” in subsection (1) by substituting “the requirements of Regulation 10 or 11(1), as appropriate, of the Child Care (Pre-School Services) (No. 2) Regulations 2006 ( S.I. No. 604 of 2006 )” for “the requirements of Article 9, 10(1) or 11, as appropriate, of the Child Care (Pre-School Services) Regulations, 1996 ( S.I. No. 398 of 1996 )”, and

(ii) by substituting the following for subsection (5)—

“(5) Subsections (3) and (3A) shall not apply in respect of qualifying expenditure incurred on a qualifying premises on or after 1 January 2008—

(a) where a property developer or a person who is connected (within the meaning of section 10) with the property developer is entitled to the relevant interest, within the meaning of section 269, in that qualifying expenditure, and

(b) either of the persons referred to in paragraph (a) incurred the qualifying expenditure on that qualifying premises, or such expenditure was incurred by any other person connected (within the meaning of section 10) with the property developer.”.

(2) (a) Paragraph (a) of subsection (1) applies as respects capital expenditure incurred on or after 1 January 2008.

(b) Paragraph (b) of subsection (1) applies from 1 January 2008.

(c) Paragraph (c)(i) of subsection (1) applies from 3 September 2007.

(d) Paragraph (c)(ii) of subsection (1) applies from 1 January 2008.