Urban Renewal Act, 1998
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Amendment of sections 370 and 372E of Taxes Consolidation Act, 1997. |
18.—The Taxes Consolidation Act, 1997 , is hereby amended— | |
(a) in section 370(1) by the substitution of the following for the definition of “qualifying premises”: | ||
“‘qualifying premises’ means, subject to subsection (5)(a), a building or structure the site of which is wholly within a qualifying area and— | ||
(a) (i) which is a building or structure in use for a purpose specified in section 268(1)(a), and in respect of which capital expenditure is incurred in the qualifying period for which an allowance— | ||
(I) is to be made, or | ||
(II) will by virtue of section 279 be made, or, if an order under section 367(1)(a) were to be made directing that the area is to be a qualifying area for the purposes of section 368, would be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under section 271 or 273, as applied by section 368, | ||
(ii) in respect of which an allowance— | ||
(I) is to be made, or | ||
(II) will by virtue of section 279 be made, or, if an order under section 367(1)(a) were to be made directing that the area is to be a qualifying area for the purposes of section 369, would be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9 by virtue of section 369, or | ||
(iii) which is a building or structure in use for the purposes specified in section 268(1)(d), and in respect of the construction or refurbishment of which capital expenditure is incurred in the qualifying period for which an allowance would but for subsection (6) be made for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9, | ||
and | ||
(b) which is let on bona fide commercial terms for such consideration as might be expected to be paid in a letting of the building or structure negotiated on an arm's length basis, but, where capital expenditure is incurred in the qualifying period on the refurbishment of a building or structure in respect of which an allowance— | ||
(i) is to be made, or | ||
(ii) will by virtue of section 279 be made, or | ||
(iii) if an order under section 367(1) (a) were to be made directing that the area is to be a qualifying area for the purposes of section 368 or 369, as the case may be, would be made, or | ||
(iv) would but for subsection (6) be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under any of the provisions referred to in paragraph (a), the building or structure shall not be regarded as a qualifying premises unless the total amount of the expenditure so incurred is not less than an amount equal to 10 per cent of the market value of the building or structure immediately before that expenditure is incurred.”, | ||
and | ||
(b) in section 372E(1) (inserted by section 76 of the Finance Act, 1998 ) by the substitution of the following for the definition of “qualifying premises”: | ||
“‘qualifying premises’ means, subject to subsection (5)(a), a building or structure— | ||
(a) (i) the site of which is wholly within a qualifying area and which is a building or structure in use for a purpose specified in section 268(1)(a), and in respect of which capital expenditure is incurred in the qualifying period for which an allowance— | ||
(I) is to be made, or | ||
(II) will by virtue of section 279 be made, or, if an order under section 372B(1)(a) were to be made directing that the area is to be a qualifying area for the purposes of section 372C, would be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under section 271 or 273, as applied by section 372C, | ||
(ii) the site of which is wholly within a qualifying area and in respect of which an allowance— | ||
(I) is to be made, or | ||
(II) will by virtue of section 279 be made, or, if an order under section 372B(1)(a) were to be made directing that the area is to be a qualifying area for the purposes of section 372D, would be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9 by virtue of section 372D, | ||
or | ||
(iii) the site of which is wholly within a qualifying area and which is a building or structure in use for the purposes specified in section 268(1) (d), and in respect of the construction or refurbishment of which capital expenditure is incurred in the qualifying period for which an allowance would but for subsection (6) be made for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9, | ||
and | ||
(b) which is let on bona fide commercial terms for such consideration as might be expected to be paid in a letting of the building or structure negotiated on an arm's length basis, | ||
but, where capital expenditure is incurred in the qualifying period on the refurbishment of a building or structure in respect of which an allowance— | ||
(i) is to be made, or | ||
(ii) will by virtue of section 279 be made, or | ||
(iii) if an order under section 372B(1)(a) were to be made directing that the area is to be a qualifying area for the purposes of section 372C or 372D, as the case may be, would be made, or | ||
(iv) would but for subsection (6) be made, | ||
for the purposes of income tax or corporation tax, as the case may be, under any of the provisions referred to in paragraph (a), the building or structure shall not be regarded as a qualifying premises unless the total amount of the expenditure so incurred is not less than an amount equal to 10 per cent of the market value of the building or structure immediately before that expenditure is incurred.”. |