Taxes Consolidation Act 1997 Schedule 32 paragraph 13

Urban Renewal Scheme, 1986— Double Rent Allowance in Relation to Certain Premises in Designated Areas other than the Custom House Docks Area

Paragraph 13 of Schedule 32 preserved the double rent allowance that was available under the 1986 Urban Renewal Scheme for qualifying premises in designated areas other than the Custom House Docks Area.

• Preserved the double rent deduction originally provided by section 45 of the Finance Act 1986, notwithstanding that section's repeal by the TCA 1997.
• Applied to rent paid under a bona fide commercial letting by a person carrying on a trade or profession in a qualifying premises in a designated area other than the Custom House Docks Area.
• The relief applied to qualifying leases entered into in the period from 23 October 1985 to 31 July 1994.
• The double rent deduction was allowed as an expense in computing the profits or gains of the person's trade or profession for tax purposes.