Finance Act, 2000

Amendment of section 843A (capital allowances for buildings used for certain childcare purposes) of Principal Act.

63.—(1) Section 843A of the Principal Act is amended—

(a) in subsection (1)—

(i) by the insertion of the following definition after the definition of ‘pre-school child’ and ‘pre-school service’:

“ ‘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 the substitution of the following definition for “qualifying expenditure”—

“ ‘qualifying expenditure’ means capital expenditure incurred on the construction, conversion or refurbishment of a qualifying premises;”,

(b) in subsection (3) by the insertion after “qualifying expenditure” of “incurred on or after 2 December 1998”,

(c) by the insertion of the following subsection after subsection (3):

“(3A) For the purposes of the application, by subsection (2), of sections 271 and 273 in relation to qualifying expenditure incurred on or after 1 December 1999 on a qualifying premises—

(a) section 271 shall apply—

(i) as if in subsection (1) of that section the definition of ‘industrial development agency’ were deleted,

(ii) as if in subsection (2)(a)(i) of that section ‘to which subsection (3) applies’ were deleted,

(iii) as if subsection (3) of that section were deleted,

(iv) as if the following subsection were substituted for subsection (4) of that section:

‘(4) An industrial building allowance shall be an amount equal to 100 per cent of the capital expenditure mentioned in subsection (2).’,

and

(v) as if subsection (5) of that section were deleted,

and

(b) section 273 shall apply—

(i) as if in subsection (1) of that section the definition of ‘industrial development agency’ were deleted, and

(ii) as if subsections (2)(b) and (3) to (7) of that section were deleted.”,

(d) by the insertion of the following subsection after subsection (4):

“(5) Subsections (3) and (3A) shall not apply in respect of qualifying expenditure incurred on a qualifying premises on or after 1 December 1999—

(a) where a property developer is entitled to the relevant interest, within the meaning of section 269, in that qualifying premises, 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 qualifying expenditure on that qualifying premises.”.

(2) This section shall come into operation on such day as the Minister for Finance may, by order, appoint.