Statutory Instruments
2007 No. 945
INCOME TAX
CORPORATION TAX
The Business Premises Renovation Allowances Regulations 2007
Made
21st March 2007
Laid before the House of Commons
21st March 2007
Coming into force
11th April 2007
The Treasury make the following Regulations in exercise of the powers conferred by sections 360C(2)(a) and (3) and 360D(4) of the Capital Allowances Act 2001( 1 ).
Citation and commencement
1. These Regulations may be cited as the Business Premises Renovation Allowances Regulations 2007 and shall come into force on 11th April 2007.
Interpretation
2. In these Regulations “the Act” means the Capital Allowances Act 2001.
Designation of areas as disadvantaged areas
3. The following areas are designated as disadvantaged areas for the purposes of section 360C of the Act (meaning of “ qualifying building ”)—
(a) areas specified as development areas by the Assisted Areas Order 2007( 2 );
(b) Northern Ireland.
Meaning of “qualifying business premises”
4. —(1) For the purposes of Part 3A of the Act (business premises renovation allowances) premises are not qualifying business premises where—
(a) the person entitled to the relevant interest in the premises is carrying on a relevant trade; or
(b) the premises are used, or used in part, for the purposes of such a trade.
(2) In this regulation—
“ relevant interest ” has the meaning given by Chapter 4 of Part 3A of the Act (the relevant interest in the qualifying building);
“ relevant trade ” means a trade in any sector in relation to which Commission on the application of Articles 87 and 88 of the Treaty to national regional investment aid( Regulation (EC) No 1628/2006 3 ) does not apply by virtue of paragraph 2 of Article 1 of that Regulation.
(3) This regulation applies in relation to part of a trade as it applies in relation to a trade.
Frank Roy
Alan Campbell
Two of the Lords Commissioners of Her Majesty’s Treasury
21st March 2007
2001 c. 2 ; sections 360C and 306D, together with the other provisions of Part 3A, are inserted by paragraph 1 of Schedule 6 to the Finance Act 2005 (c. 7) and have effect in relation to expenditure incurred on or after such day as the Treasury may appoint under section 92 of that Act.
OJ No. L302, 1.11.2006, p.29.