|
|
|
Amendment of section 97B of Principal Act (deduction for retrofitting expenditure)
|
| |
31. Section 97B of the Principal Act is amended—
|
|
| |
(a) in subsection (1), in the definition of “relevant period”, by the substitution of “31 December 2028” for “31 December 2025”,
|
|
| |
(b) by the substitution of the following subsection for subsection (4):
|
|
| |
“(4) Subject to subsections (5) and (6)—
|
|
| |
(a) where a person chargeable has incurred qualifying expenditure in the year of assessment 2023, 2024 or 2025, that person is entitled, in computing for the purposes of section 97(1) the amount of a surplus or deficiency in respect of the rent from the qualifying premises concerned for the year of assessment following that in which the qualifying expenditure is incurred, to a deduction equal to the relevant amount, and
|
|
| |
(b) where a person chargeable has incurred qualifying expenditure in the year of assessment 2026 or any subsequent year of assessment, that person is entitled, in computing for the purposes of section 97(1) the amount of a surplus or deficiency in respect of the rent from the qualifying premises concerned for the year of assessment in which the qualifying expenditure is incurred, to a deduction equal to the relevant amount.”,
|
|
| |
and
|
|
| |
(c) by the substitution of the following subsection for subsection (5):
|
|
| |
“(5) A person chargeable shall not be entitled to a deduction under subsection (4)—
|
|
| |
(a) for qualifying expenditure incurred in the year of assessment 2023, 2024 or 2025, in respect of more than two qualifying premises, and
|
|
| |
(b) for qualifying expenditure incurred in the year of assessment 2026 or any subsequent year of assessment, in respect of more than three qualifying premises.”.
|
