Finance Act, 2002
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Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act. |
23.—(1) Part 10 of the Principal Act is amended— | |
(a) in section 344(1), in paragraph (c) of the definition of “qualifying period”, by substituting— | ||
(i) “31 December 2004” for “31 December 2002”, | ||
(ii) “31 December 2003” for “31 December 2001”, and | ||
(iii) “30 September 2003” for “30 September 2001”, | ||
(b) in section 372A— | ||
(i) in subsection (1)— | ||
(I) by substituting the following for paragraph (a) of the definition of “qualifying period”: | ||
“(a) subject to section 372B and in relation to a qualifying area, the period commencing on 1 August 1998 and ending on— | ||
(i) 31 December 2002, or | ||
(ii) where subsection (1A) applies, 31 December 2004, | ||
and”, | ||
and | ||
(II) by substituting the following for the definition of “relevant local authority”: | ||
“‘relevant local authority’ means— | ||
(a) in relation to a qualifying area, the county council or the city council or the borough council or, where appropriate, the town council, within the meaning of the Local Government Act, 2001 , in whose functional area the area is situated, and | ||
(b) in relation to a qualifying street, in respect of the cities of Cork, Dublin, Galway, Limerick or Waterford, the city council of the city in whose functional area the street is situated;”, | ||
and | ||
(ii) by inserting the following after subsection (1): | ||
“(1A) (a) This subsection shall apply where the relevant local authority gives a certificate in writing on or before 30 April 2003, to the person constructing or refurbishing a building or structure or part of a building or structure, the site of which is wholly within a qualifying area, stating that it is satisfied that not less than 15 per cent of the total cost of constructing or refurbishing the building or structure or the part of the building or structure, as the case may be, and the site thereof had been incurred on or before 31 December 2002. | ||
(b) In considering whether to give a certificate referred to in paragraph (a), the relevant local authority shall have regard only to guidelines issued by the Department of the Environment and Local Government in relation to the giving of such certificates.”, | ||
(c) in section 372B(1)— | ||
(i) by substituting the following for paragraph (c): | ||
“(c) as respects any such area so described in the order and in so far as this Chapter is concerned, the definition of ‘qualifying period’ in section 372A 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 1 August 1998 or end after— | ||
(i) 31 December 2002, or | ||
(ii) where section 372A(1A) applies, 31 December 2004,”, | ||
and | ||
(ii) by inserting the following after paragraph (c): | ||
“(d) as respects any such area so described in the order and in so far as Chapter 11 of this Part is concerned, the definition of ‘qualifying period’ in section 372AL 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 1 August 1998 or end after— | ||
(i) 31 December 2002, or | ||
(ii) where section 372AL(2) applies, 31 December 2004.”, | ||
(d) in section 372L, in paragraph (a) of the definition of “qualifying period”, by substituting “31 December 2004,” for “31 December 2002, and”, and | ||
(e) in Chapter 9— | ||
(i) in section 372U(1)— | ||
(I) by inserting the following after the definition of “park and ride facility”: | ||
“‘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;”, and | ||
(II) by substituting the following for the definition of “qualifying period”: | ||
“‘qualifying period’ means the period commencing on 1 July 1999 and ending on 30 June 2004;”, | ||
(ii) in section 372V by inserting the following after subsection (2): | ||
“(2A) This section shall not apply in respect of expenditure incurred on the construction or refurbishment of a qualifying park and ride facility— | ||
(a) where a property developer is entitled to the relevant interest, within the meaning of section 269, in relation to that expenditure, and | ||
(b) either the person referred to in paragraph (a) or a person connected (within the meaning of section 10) with that person incurred the expenditure on the construction or refurbishment of the qualifying park and ride facility concerned.”, | ||
and | ||
(iii) in section 372W by inserting the following after subsection (3): | ||
“(3A) This section shall not apply in respect of expenditure incurred on the construction or refurbishment of a qualifying premises— | ||
(a) where a property developer is entitled to the relevant interest, within the meaning of section 269, in relation to that expenditure, and | ||
(b) either the person referred to in paragraph (a) or a person connected (within the meaning of section 10) with that person incurred the expenditure on the construction or refurbishment of the qualifying premises concerned.”. | ||
(2) (a) Paragraphs (b), (c)(i) and (d) of subsection (1) shall come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different provisions. | ||
(b) Paragraph (e) of subsection (1) shall apply as respects expenditure incurred on or after 7 February 2002. |