Finance Act, 1995

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

32.—(1) Chapter V (as amended by section 35 of the Finance Act, 1994 ) of Part I of the Finance Act, 1986 , is hereby amended—

(a) in section 41, by the substitution of the following subsection for subsection (2):

“(2) As respects the application of this Chapter to any expenditure incurred in relation to, or rent payable in respect of, any premises the site of which is wholly within the Custom House Docks Area, ‘the specified period’ means the period commencing on the 25th day of January, 1988, and ending on the 24th day of January, 1999.”,

(b) in section 42, in the additional proviso (inserted by section 29 (b) (ii) of the Finance Act, 1992 ) to subsection (4), by the substitution of “the 25th day of January, 1998” for “the 25th day of January, 1996”, and

(c) in section 44, in subsection (1) (b)—

(i) by the substitution, in subparagraph (i), of “125 square metres” for “90 square metres”, and

(ii) by the deletion of the proviso to that subsection.

(2) Paragraph (c) of subsection (1) shall apply and have effect as respects expenditure incurred on or after the 12th day of April, 1995.