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Amendment of section 482 (relief for expenditure on significant buildings and gardens) of Principal Act.
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42.—(1) Section 482 of the Principal Act is amended—
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(a) in subsection (1)(a), in the definition of “relevant expenditure”, by substituting the following for subparagraph (ii):
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“(ii) in the case of expenditure incurred in a chargeable period earlier than that referred to in subparagraph (i), expenditure incurred by the person who owned or occupied the approved garden on the maintenance or restoration of the garden;”,
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(b) in subsection (2)(b)(ii), by substituting “on or before the 1st day of November” for “on or before the 1st day of January”,
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(c) in subsection (8), by substituting “on or before 1 November” for “on or before 1 January”, and
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(d) after subsection (10), by inserting the following subsection:
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“(11) The Tax Acts shall apply to a loss referred to in subsection (2) as they would apply if sections 396A and 420A had not been enacted.”.
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(2) (a) Paragraph (a) of subsection (1) applies as on and from 30 November 1997.
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(b) Paragraphs (b) and (c) of subsection (1) apply as respects a chargeable period, being the year of assessment 2002 and any subsequent year of assessment or an accounting period of a company beginning on or after 1 January 2002.
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(c) Paragraph (d) of subsection (1) applies as on and from 6 March 2001.
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