Link Report

“relevant property” shall be construed in accordance with Schedule 3 to the Valuation Act 2001;

“relevant property not rateable” means a property specified in paragraph 6 of Schedule 4 to the Valuation Act 2001;

“rate” has the meaning assigned to it by section 4 of the Local Government Rates and Other Matters Act 2019;

“rate” has the meaning assigned to it by section 4 of the Local Government Rates and Other Matters Act 2019;

(2)(a) Subject to paragraph (b) and subsections (3) to (8), the provisions of the Tax Acts relating to the making of allowances or charges in respect of capital expenditure incurred on the construction or refurbishment of an industrial building or structure shall, notwithstanding anything to the contrary in those provisions, apply in relation to qualifying expenditure on a qualifying premises as if the qualifying premises were, at all times at which it is a qualifying premises, an industrial building or structure in respect of which an allowance is to be made for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9 by reason of its use for the purpose specified in section 268(1)(a).

(3) In relation to qualifying expenditure incurred in the relevant qualifying period on a qualifying premises, section 272 shall apply as if—

(4) Notwithstanding section 274(1), no balancing allowance or balancing charge shall be made in relation to a qualifying premises by reason of any event referred to in that section which occurs more than 10 years after the qualifying premises was first used subsequent to the incurring of the qualifying expenditure on the conversion or refurbishment of the qualifying premises.

“qualifying expenditure” means, notwithstanding section 279, capital expenditure incurred by a person in the relevant qualifying period on the conversion or the refurbishment of a qualifying premises after deducting from that amount of expenditure any sum in respect of or by reference to—

“conversion”, “house” and “of certification” have the same meaning, respectively, as they have in section 372AAB;

“relevant property” shall be construed in accordance with Schedule 3 to the Valuation Act 2001;

“relevant property not rateable” means a property specified in paragraph 6 of Schedule 4 to the Valuation Act 2001;