Taxes Consolidation Act 1997 section 372A

Interpretation and application (Chapter 7)

Section 372A is the interpretation provision for Chapter 7, setting out the definitions and conditions that govern the Urban Renewal Scheme (qualifying areas) and the Living Over The Shop (LOTS) Scheme (qualifying streets).

• Defines the key terms used throughout Chapter 7, including "existing building", "qualifying area", "qualifying street", "refurbishment", "replacement building" and "relevant local authority".
• Sets the qualifying period as 1 August 1998 to 31 December 2002 for qualifying areas, and 6 April 2001 to 31 December 2004 for qualifying streets.
• Provides for extensions of the qualifying period to 31 December 2006, and further to 31 July 2008, where prescribed conditions (including a 15% expenditure test) are satisfied.
• Makes the application of Chapter 7 and Chapter 11 conditional on the enactment of urban renewal legislation incorporating Integrated Area Plans (achieved by the Urban Renewal Act 1998).