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Capital allowances for multi-storey car parks.
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29.— (1) Section 344 of the Principal Act is amended—
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(a) in subsection (1), in the definition of “qualifying period”—
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(i) in paragraph (c) by substituting “31 December 2006” for “31 July 2006” and “the purposes of this definition, or” for “the purposes of this definition;”, and
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(ii) by inserting the following after paragraph (c):
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“(d) 31 July 2008, where in relation to the construction or refurbishment of the qualifying multi-storey car park—
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(i) the relevant local authority has issued the certificate referred to in paragraph (c) on or before 31 December 2003, and
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(ii) (I) the person who is constructing or refurbishing the qualifying multi-storey car park 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 qualifying multi-storey car park, and
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(II) the person referred to in clause (I) or, where the qualifying multi-storey car park 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 clause (I) was satisfied;”,
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and
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(b) in subsection (2)(a), by substituting “Subject to subsections (3) to (6A) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6) and 316(2B)” for “Subject to subsections (3) to (6A)”.
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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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