Taxes Consolidation Act 1997 section 372AA

Interpretation and application (Chapter 10)

Section 372AA sets out the definitions used throughout Chapter 10 (the town renewal scheme) and establishes the qualifying period during which expenditure on construction or refurbishment in a designated town renewal area can attract tax relief.

• Defines the key terms used in the town renewal scheme, including facade, market value, property developer, qualifying area, qualifying period, refurbishment and street.
• Sets the basic qualifying period from 6 April 2001 to 31 December 2004.
• Extends the qualifying period to 31 December 2006 where a valid planning application was lodged by 31 December 2004 (or 10 March 2002 under the older 1994 regulations).
• Allows a further extension to 31 July 2008 where at least 15% of construction or refurbishment work was completed by 31 December 2006 and a binding written contract was in place by 31 July 2006.