Finance Act, 2001

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.

59.—(1) Part 10 of the Principal Act is amended—

(a) in section 344(1), in paragraph (c) of the definition of “qualifying period” by the substitution of “31 December 2001” for “31 December 2000”, and “30 September 2001” for “30 September 2000”, and

(b) in Chapter 8—

(i) in section 372M(3)(b), by the substitution of “paragraph (b)” for “paragraph (i)”,

(ii) in section 372P(1), by the substitution in paragraph (c) of the definition of “qualifying premises” of “175 square metres” for “140 square metres”,

(iii) in section 372Q(1), by the substitution in paragraph (b) of the definition of “qualifying premises” of “175 square metres” for “150 square metres”,

(iv) in section 372R(1), by the substitution in paragraph (b) of the definition of “qualifying premises” of “175 square metres” for “150 square metres”, and

(v) in section 372T(1), by the insertion after paragraph (a) of the following:

“(aa) in respect of expenditure incurred on or after 6 April 2001 on the construction or refurbishment of a building or structure or a qualifying premises where any part of such expenditure has been or is to be met, directly or indirectly, by grant assistance from the State or from any other person,”.

(2) (a) Subsection (1)(a) shall be deemed to have applied as on and from 6 April 2000, and

(b) subparagraphs (ii), (iii) and (iv) of subsection (1)(b) shall apply as respects expenditure incurred on or after 6 December 2000, being expenditure which is—

(i) expenditure on the construction of a qualifying premises as defined in section 372P,

(ii) conversion expenditure within the meaning of section 372Q, or

(iii) relevant expenditure within the meaning of section 372R,

as the case may be.