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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 March 2012 - onwards

16. Changes relating to tax relief for lessors, carried forward losses and balancing charges.

(1) Section 372AP of the Principal Act is amended -

(a) in subsection (1) by deleting the definition of "relevant day",

(b) in subsection (1), in paragraph (b)(ii) of the definition of "relevant period", by substituting "after the date of such completion;" for "after the date of such completion,",

(c) in subsection (1), in the definition of "relevant period", by deleting all of the words from "but in relation to a premises" to the end of the definition,

(d) in subsection (2) by substituting "Subject to subsections (3), (4) and (5)," for "Subject to subsections (3), (4), (5), (8A), (8B) and (8C),",

(e) in subsection (3) by deleting paragraph (c),

(f) in subsection (7) by substituting the following for "an amount as rent from that premises equal to the amount of that deduction or, as the case may be, the aggregate amount of those deductions.":

"an amount as rent from that premises equal to the amount determined by the formula -

A - B

where -