Taxes Consolidation Act 1997 Schedule 32 paragraph 11

Urban Renewal Scheme, 1986 — Capital Allowances in Relation to Certain Commercial Premises in Designated Areas other than the Custom House Docks Area

Schedule 32 paragraph 11 preserves capital allowances and charges in respect of certain commercial premises in designated areas (other than the Custom House Docks Area) under the 1986 Urban Renewal Scheme, even though the underlying provisions were not re-enacted by the Taxes Consolidation Act 1997.

• Capital allowances and charges arising under the 1986 Urban Renewal Scheme for commercial premises in designated areas outside the Custom House Docks Area continue to have effect under TCA 1997, despite the original enabling provision (section 42 of the Finance Act 1986) not being re-enacted.
• The preserved allowances and charges are those that would have been made under Chapter II of Part XV or Chapter I of Part XVI of the Income Tax Act 1967, including any increase granted under section 25 of the Finance Act 1978.
• TCA 1997 applies with whatever modifications are necessary to give effect to this saving, ensuring continuity for persons who incurred qualifying capital expenditure on the construction or refurbishment of commercial premises in the relevant designated areas.
• The Custom House Docks Area (as defined by section 41 of the Finance Act 1986) is expressly excluded, as separate provision was made for that area elsewhere in the legislation.