35. Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part I of Finance Act, 1986.

(1) Chapter V of Part I of the Finance Act, 1986, is hereby amended -

(a) in section 42 -

(i) in subsection (1) -

(I) by the substitution of the following definition for the definition (including the proviso thereto) of "qualifying period" (as amended by section 30(1)(a)(i) of the Finance Act, 1993):

"'qualifying period' means -

(a) the period commencing on the 23rd day of October, 1985, and ending on the 31st day of July, 1994, or

(b) where section 41(2) applies, the specified period;",

and

(II) by the insertion of the following definition after the definition of "qualifying premises":

"'the relevant local authority', in relation to the construction of a qualifying premises, means the council of a county or the corporation of a county or other borough or, where appropriate, the urban district council, in whose functional area the qualifying premises is situated;",

and

(ii) by the addition of the following subsections after subsection (7):

"(8)

(a) Where, in relation to the constr