Finance Act, 1992

Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part I of Finance Act, 1986.

29.—Chapter V of Part I of the Finance Act, 1986 , is hereby amended—

(a) in subsection (2) of section 41, by the substitution of “nine years” for “five years” in the definition of “the specified period”;

(b) in section 42—

(i) by the substitution, in subsection (1), of the following definition for the definition of “qualifying period” (as provided for by section 30 of the Finance Act, 1990 ):

“‘qualifying period’ means—

(a) the period commencing on the 23rd day of October, 1985, and ending on the 31st day of May, 1993, or

(b) where section 41 (2) applies, the specified period:

Provided that where capital expenditure is incurred on the construction of any qualifying premises the foundation for which was laid in its entirety on or before the 31st day of May, 1993, the reference to the 31st day of May, 1993, in paragraph (a) of this definition shall be construed as a reference to the 31st day of May, 1994;”,

and

(ii) by the insertion in subsection (4) of the following additional proviso to that subsection:

“Provided also that, notwithstanding section 51 (as amended by section 80 of the Finance Act, 1990 ) of the Finance Act, 1988 , as respects any capital expenditure incurred on or after the 25th day of January, 1996, on the construction of any qualifying premises the site of which is wholly within the Custom House Docks Area—

(i) any allowance made under section 264 of the Income Tax Act, 1967 , and increased under paragraph (a) of subsection (2) of section 25 of the Finance Act, 1978 , in respect of that expenditure, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed 54 per cent. of the amount of that expenditure, and

(ii) where any allowance made under the said section 264 in respect of that expenditure is increased under the said section 25 for any chargeable period, no allowance shall be made in respect of that expenditure under section 254 of the Income Tax Act, 1967 .”;

(c) in subsection (1) (a) of section 44, by the substitution of the following definition for the definition of “qualifying period” (as provided for by section 30 of the Finance Act, 1990 ):

“‘qualifying period’ means—

(a) the period commencing on the 23rd day of October, 1985, and ending on the 31st day of May, 1993, or

(b) where section 41 (2) applies, the specified period:

Provided that where qualifying expenditure is incurred on the construction of any qualifying premises the foundation for which was laid in its entirety on or before the 31st day of May, 1993, the reference to the 31st day of May, 1993, in paragraph (a) of this definition shall be construed as a reference to the 31st day of May, 1994;”;

and

(d) in subsection (1) (a) of section 45 (as amended by section 21 of the Finance Act, 1991 )—

(i) by the substitution of the following definition for the definition of “qualifying period” (as provided for by section 30 of the Finance Act, 1990 ):

“‘qualifying period’ means—

(a) the period commencing on the 23rd day of October, 1985, and ending on the 31st day of May, 1993, or

(b) where section 41 (2) applies, the specified period:

Provided that in the case of a qualifying lease in relation to any qualifying premises the foundation for which was laid in its entirety on or before the 31st day of May, 1993, the reference to the 31st day of May, 1993, in paragraph (a) of this definition shall be construed as a reference to the 31st day of May, 1994;”,

and

(ii) by the substitution, as on and from the 24th day of April, 1992, of the following subparagraph for subparagraph (I) of paragraph (i) of the definition of “qualifying premises”:

“(I) which is an industrial building or structure within the meaning of section 255 (1) of the Income Tax Act, 1967 , and in respect of which capital expenditure is incurred in the qualifying period for which an allowance falls to be made for the purposes of income tax or corporation tax, as the case may be, under Chapter II of Part XV or under Chapter I of Part XVI of that Act, or”.