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5. After regulation 4, insert—
5.—(1) For the purposes of Part 3A of the Act, expenditure is not qualifying expenditure if the expenditure is incurred on or in connection with a qualifying building and the building is not in a disadvantaged area on the date the expenditure is incurred.
(2) For the purposes of Part 3A of the Act, expenditure is not qualifying expenditure if, and to the extent that,—
(a)the amount of the expenditure (“current expenditure”); or
(b)the current expenditure and the aggregate amount of the single project investment expenditure in respect of which allowances under Part 3A of the Act have previously been made,
exceeds 20 million euros.
(3) In this regulation “single project investment expenditure” means expenditure—
(a)incurred by any person within a period of three years prior to the date on which the current expenditure is incurred; and
(b)which, together with the current expenditure, would be treated as incurred in an economically indivisible way for the purposes of Article 13(10) of Commission Regulation (EC) No 800/2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General block exemption Regulation).
(4) In this regulation “disadvantaged area” has the same meaning as that which applies for the purposes of section 360C of the Act.
(5) For the purposes of this regulation, expenditure incurred in a currency other than the euro is to be converted into its equivalent in euros using the spot rate of exchange for the day on which the expenditure is incurred.”
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