(1) Part 18D of the Principal Act is amended by inserting the following after section 531AAD:

"531AAE. Property relief surcharge.

(1) In this section -

'aggregate of the specified property reliefs', in relation to a tax year and an individual, means the aggregate of the amounts of specified property reliefs used by the individual in respect of the tax year;

'amount of specified property relief', in relation to a specified relief used by an individual in respect of a tax year, means the amount of the specified property relief used by the individual in respect of the tax year, determined by reference to the entry in column (3) of Schedule 25B opposite the reference to the specified relief concerned in column (2) of that Schedule;

'area-based capital allowance', in relation to a tax year and an individual, means any allowance, or part of such allowance, made under Chapter 1 of Part 9 as that Chapter is applied -

(a) by section 323, 331, 332, 341, 342, 343, 344, 352, 353, 372C, 372D, 372M, 372N, 372V, 372W, 372AC or 372AD, or

(b) by virtue of paragraph 11 of Schedule 32,

for the tax year, including any such allowance, or part of any such allowance, made for a previous tax year and carried forward from that previous tax year in accordance with Part 9;

'balancing allowance' means any allowance made under section 274;

'specified capital allowance', in relation to a tax year and an individual, means any specified relief that is -