Finance Act, 1994

Chapter IV

Urban Renewal Reliefs: Introduction of New Scheme in Certain Areas

Interpretation ( Chapter IV ).

38.—(1) In this Chapter—

“designated area” and “designated street” mean, respectively, an area or areas or a street or streets designated by order under section 39 ;

“lease”, “lessee”, “lessor”, “premium” and “rent” have the meanings respectively assigned to them by Chapter VI of Part IV of the Income Tax Act, 1967 ;

“market value”, in relation to a building, structure or house, means the price which the unencumbered fee simple of the building, structure or house would fetch if sold in the open market in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the building, structure or house:

Provided that the said price shall be reduced by the part of that price which would be attributable to the acquisition of, or of rights in or over, the land on which the building, structure or house is constructed;

“qualifying period” means, subject to section 39 , the period commencing on the 1st day of August, 1994, and ending on the 31st day of July, 1997;

“refurbishment”, in relation to a building or structure and other than for the purposes of sections 45 and 46 , means any work of construction, reconstruction, repair or renewal, including the provision or improvement of water, sewerage or heating facilities, carried out in the course of the repair or restoration, or maintenance in the nature of repair or restoration, of the building or structure;

“street” includes part of a street and also the whole or part of any road, square, quay or lane.

(2) A person shall, for the purposes of this Chapter, be regarded as connected with another person if such person would be so regarded for the purposes of Part IV of the Finance (Miscellaneous Provisions) Act, 1968 , by virtue of section 16 (3) of that Act.