Taxes Consolidation Act 1997 section 351

Interpretation (Chapter 4)

Section 351 is the interpretation section for Chapter 4 and sets out the definitions and the qualifying period that govern the scheme of tax reliefs for qualifying resort areas.

• "Lease", "lessee", "lessor" and "rent" carry the same meanings as in the rental income rules in Chapter 8 of Part 4.
• "Market value" is the open market price of the building or structure, less the part of that price attributable to the underlying site.
• The qualifying period runs from 1 July 1995 to 30 June 1998, with a possible extension to 31 December 1999 where at least half the project cost had been incurred by end June 1999.
• "Qualifying resort area" means any area listed in Schedule 8; "refurbishment" covers repair and restoration work, including water, sewerage and heating improvements.