|
|
|
Amendment of section 96 of Principal Act (waiver of exemption under old rules)
|
| |
74. Section 96 of the Principal Act is amended—
|
|
| |
(a) in subsection (2), by the substitution of “on the date specified in subsection (7A)” for “at the end of the taxable period during which it is cancelled in accordance with subsection (3)”,
|
|
| |
(b) in subsection (6)—
|
|
| |
(i) by the substitution of “Subsections (6) and (7)” for “Subsections (6) to (12)”, and
|
|
| |
(ii) in paragraph (a), by the substitution of “who had a waiver which was cancelled before the date of the passing of the Finance Act 2025” for “who has a waiver”,
|
|
| |
(c) by the insertion of the following subsections after subsection (7):
|
|
| |
“(7A) A waiver which has not been cancelled before the date of the passing of the Finance Act 2025 shall be cancelled on the date of the passing of that Act.
|
|
| |
(7B) (a) This subsection applies to a waiver cancelled by virtue of subsection (7A).
|
|
| |
(b) For the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to the tax chargeable on the landlord’s acquisition or development of a capital good, where that landlord used that capital good in relation to the supply of services to which a waiver applied, shall end on the date specified in subsection (7A).”,
|
|
| |
and
|
|
| |
(d) by the deletion of subsections (3), (4), (8), (9), (10), (11) and (12).
|
