SCHEDULES
SCHEDULE 22Capital allowances for freeport tax sites
PART 2Structures and buildings allowances
7
1
Section 270AA (structures and buildings allowances) is amended as follows.
2
In subsection (2)(b)(ii), for “the period of 33 1/3 years” substitute “
the period of the length specified in subsection (2A),
”
.
3
After that subsection insert—
2A
The length of the period referred to in subsection (2)(b)(ii) is—
a
in the case of freeport qualifying expenditure, 10 years, and
b
in the case of other qualifying expenditure, 33 1/3 years.
4
In subsection (5), for “3% of the qualifying expenditure” substitute
—
a
in the case of freeport qualifying expenditure, 10% of the expenditure, and
b
in the case of other qualifying expenditure, 3% of the expenditure.
5
In subsection (6), after “section—” insert—
“freeport qualifying expenditure” has the meaning given by section 270BNA;