The Principal Act is amended -

(a) in section 372AAA, in the definition of "qualifying period", by the substitution of "31 December 2027" for "31 December 2022",

(b) in section 372AAB -

(i) by the substitution of the following subsection for subsection (2):

"(2)

(a) Where an individual, having duly made a claim, proves to have incurred qualifying expenditure on a qualifying premises in a year of assessment before the year of assessment 2023, the individual is entitled, for the year of assessment in which the expenditure was incurred and for any of the 9 subsequent years of assessment in which the qualifying premises is his or her only or main residence, to have a deduction made from his or her total income of an amount equal to 10 per cent of the amount of that expenditure.

(b) Where an individual, having duly made a claim, proves to have incurred qualifying expenditure on a qualifying premises in the year of assessment 2023 or any subsequent year, the individual is entitled, subject to subsection (11), for the year of assessment in which expenditure was incurred and for any of the 6 subsequent years of assessment in which the qualifying premises is his or her only or main residence, to have a deduction made from his or her total income of an amount equal to -

(i) 15 per cent of that expenditure incurred for each of the first 6 years of assessment, and