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Income tax: restriction on use of losses on approved buildings.
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21.— Section 409C of the Principal Act is amended by inserting the following after subsection (4)—
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“(4A) (a) Notwithstanding subsection (4), where this section applies for the year of assessment 2010 or a later year of assessment, the amount of the loss referred to in subsection (3)(a) which can be treated as reducing income for each such year of assessment under section 381(1) shall be nil.
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(b) This subsection shall not apply for the years of assessment 2010 or 2011 in relation to—
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(i) work which was completed before 4 February 2010,
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(ii) work which was underway on 4 February 2010, or
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(iii) work carried out under a contractual commitment entered into before 4 February 2010 and evidenced in writing before that date where the work begins after that date.”.
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