Taxes Consolidation Act 1997 section 372AL

Qualifying period

Section 372AL defines the qualifying periods during which expenditure must be incurred in order to qualify for residential accommodation tax reliefs under Chapter 11.

• The section sets out qualifying periods for seven residential property tax incentive schemes: urban renewal, living over the shop, rural renewal, park and ride, town renewal, student accommodation, and the countrywide refurbishment of rented residential accommodation scheme.
• Each scheme has a specific start date (ranging from 1 June 1998 to 6 April 2001) and a default end date, which could be extended to 31 December 2006 or 31 July 2008 subject to meeting certain conditions.
• For most schemes, extension to 31 December 2006 required a valid planning application to have been received by the planning authority by 31 December 2004; for the urban renewal scheme, a local authority certificate confirming that at least 15% of total project costs were incurred by 30 June 2003 was required instead.
• A further extension to 31 July 2008 applied where the developer (or, if the building was sold, the person claiming relief) could demonstrate that work to the value of at least 15% of actual construction, conversion or refurbishment costs had been carried out by 31 December 2006.