Taxes Consolidation Act 1997 section 372L

Interpretation (Chapter 8)

Section 372L is the interpretation section for Chapter 8 and sets out the definitions and the qualifying period for the rural renewal scheme of reliefs.

• Defines key terms used throughout the Chapter, including lease, market value, property developer, qualifying rural area and refurbishment.
• Fixes the qualifying period as commencing on 1 July 1999 and ending on 31 December 2004 in the standard case.
• Extends the qualifying period to 31 December 2006 where a valid planning application was lodged in time, or where exempted development conditions are met.
• Further extends the qualifying period to 31 July 2008 where at least 15 per cent of construction or refurbishment costs were incurred by 31 December 2006 and a binding contract was in place by 31 July 2006.