(1) The Principal Act is amended -

(a) in Part 10 by inserting the following after Chapter 12:

"Chapter 13 Living City Initiative

Interpretation (Chapter 13).

372AAA. In this Chapter -

'Georgian house' means a building, constructed in the period 1714 to 1830 for use as a dwelling, comprising at least 2 stories, with or without a basement;

'market value', in relation to a building, structure or house, means the price which the unencumbered fee simple of the building, structure or house would fetch if sold in the open market in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the building, structure or house, less the part of that price which would be attributable to the acquisition of, or of rights in or over, the land on which the building, structure or house is constructed;

'qualifying period' means the period commencing on the date of the coming into operation of section 30 of the Finance Act 2013 and ending 5 years after that date;

'refurbishment', in relation to a building, structure or house, means any work of construction, reconstruction, repair or renewal, including the provision or improvement of water, sewerage or heating facilities, carried out in the course of the repair or restoration, or maintenance in the nature of repair or restoration, of the building, structure or house;

'special regeneration area' means an area or areas specified as a special regeneration area by order of the Minister for Finance.