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Capital allowances for park and ride facilities and related commercial premises.
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32.— (1) Chapter 9 of Part 10 of the Principal Act is amended—
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(a) in section 372U—
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(i) in subsection (1) in the definition of “qualifying period”—
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(I) in paragraph (b), by substituting “31 December 2006, or” for “31 July 2006;” and
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(II) by inserting the following after paragraph (b):
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“(c) where subsections (1A) and (3) apply, 31 July 2008;”,
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and
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(ii) by inserting the following after subsection (2):
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“(3) This subsection shall apply in relation to the construction or refurbishment of a building or structure which is a qualifying park and ride facility or a qualifying premises (within the meaning of section 372W(1)) where—
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(a) the person who is constructing or refurbishing the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure, and
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(b) the person referred to in paragraph (a) or, where the building or structure is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied.”,
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(b) in section 372V(1)(a), by substituting “Subject to subsections (2) to (4A) and (as inserted by the Finance Act 2006) section 270(4), 270(5), 270(6) and 316(2B)” for “Subject to subsections (2) to (4A)”, and
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(c) in section 372W(2)(a), by substituting “Subject to paragraphs (b) and (c), subsections (3) to (5A) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6) and 316(2B)” for “Subject to paragraphs (b) and (c) and subsections (3) to (5A)”.
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(2) This section 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 purposes or different provisions.
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