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Residential reliefs — various schemes.
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25.— Chapter 11 of Part 10 of the Principal Act is amended—
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(a) in section 372AL—
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(i) in subsection (1) in the definition of “qualifying period”—
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(I) in paragraph (a)—
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(A) by substituting “31 December 2006, or” for “31 July 2006,” in subparagraph (ii), and
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(B) by inserting the following after subparagraph (ii):
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“(iii) where subsections (2) and (3) apply, 31 July 2008,”,
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(II) in paragraph (b) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”,
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(III) in paragraphs (c)(i) and (c)(ii) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”,
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(IV) in paragraph (d) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”,
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(V) in paragraph (e) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”,
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(VI) in paragraph (f)—
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(A) by substituting “31 December 2006, or” for “31 July 2006.” in subparagraph (ii), and
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(B) by inserting the following after subparagraph (ii):
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“(iii) where subsections (1A) and (3) apply, 31 July 2008,”,
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and
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(VII) in paragraph (g) by substituting “commencing on 6 April 2001 and ending on 31 July 2008” for “commencing on 6 April 2001”,
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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, conversion or refurbishment of a building or part of a building which fronts on to a qualifying street or the site of which is wholly within a tax incentive area where—
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(a) the person who is constructing, converting or, as the case may be, refurbishing the building or the part of the building has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction, conversion or, as the case may be, refurbishment costs of the building or the part of the building, and
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(b) the person referred to in paragraph (a) or, where the building or the part of the building is sold by that person, the person who is claiming a deduction under section 372AP or under section 372AR, as the case may be, can show that the condition in paragraph (a) was satisfied.”,
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and
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(b) in section 372AS by inserting the following after subsection (1):
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“(1A) (a) Where a person incurs eligible expenditure or qualifying expenditure at any time in the period 1 January 2006 to 31 July 2008 on or in relation to a qualifying premises or a special qualifying premises the amount of eligible expenditure or qualifying expenditure which is to be treated under subsection (1) as having been incurred in the qualifying period for the purposes of granting a deduction under section 372AP or under section 372AR, as the case may be, shall be reduced—
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(i) in the case of expenditure incurred in the period 1 January 2007 to 31 December 2007, to 75 per cent, and
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(ii) in the case of expenditure incurred in the period 1 January 2008 to 31 July 2008, to 50 per cent,
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of the amount which, apart from this subsection, would otherwise be so treated and, for those purposes, references in this Chapter to expenditure which is to be treated under section 372AS(1) as having been incurred in the qualifying period shall be construed accordingly.
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(b) For the purposes of paragraph (a) and in determining whether and to what extent eligible expenditure or qualifying expenditure is incurred or not incurred on or in relation to a qualifying premises or a special qualifying premises in—
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(i) the period from 1 January 2006 to 31 December 2006,
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(ii) the period from 1 January 2007 to 31 December 2007, or
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(iii) the period from 1 January 2008 to 31 July 2008,
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only such an amount of that expenditure as is properly attributable to work on the construction of, conversion into, or refurbishment of, the qualifying premises or, as the case may be, the refurbishment of the special qualifying premises actually carried out in such a period shall be treated as having been incurred in that period.”.
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