Finance Act 2009

12 (1) Section 1161 (relief in respect of I minus E basis: enhanced expenses payable) is amended as follows. U.K.

(2) In subsection (2), after “that” insert “ a major interest in ”.

(3) For subsection (3) substitute—

“(3) Condition B is that—

(a) in the case of land in a contaminated state, the land was in a contaminated state at the time of the acquisition by the company of a major interest in the land, and

(b) in the case of land in a derelict state, the land was in a derelict state throughout the period beginning with the earlier of—

(i) 1 April 1998, and

(ii) the date on which a major interest in the land was first acquired by the company or a person who was connected with the company.

(3A) The Treasury may by order—

(a) specify circumstances in which the condition in paragraph (a) of subsection (3) need not be met, or

(b) replace the date for the time being specified in paragraph (b)(i) of that subsection with a later date.

(3B) An order under subsection (3A) may contain incidental, supplemental, consequential and transitional provision and savings.”

(4) In subsection (4)—

(a) for “Chapter 4” substitute “ land remediation ”, and

(b) omit “(see section 1162)”.

(5) Omit subsection (5).

(6) In subsection (6), omit “150% of”.

(7) In the heading, omit “enhanced”.

(8) In the heading before the section omit “for qualifying Chapter 4 expenditure”.