Taxes Consolidation Act 1997 section 372E

Double rent allowance in respect of rent paid for certain business premises

Section 372E provided for a double rent allowance for businesses occupying qualifying premises in designated urban renewal areas, but no area was ever designated and the section was repealed by the Finance Act 2002.

• Allowed a trader or professional to claim an additional rent deduction equal to the rent paid under a qualifying lease, for a relevant rental period of up to 10 years.
• Applied to industrial buildings, commercial premises and hotels located wholly within a qualifying area and let on bona fide commercial terms at arm's length.
• Contained anti-avoidance rules to deny the further deduction where rent was paid to a connected person, or where the lease was undertaken mainly to obtain a second double rent allowance.
• Was never activated, since no qualifying area was ever designated under section 372B, and the section was repealed by section 24(3) of the Finance Act 2002.