SCHEDULES
SCHEDULE 16Freeport tax site reliefs: provision about regulations
PART 2Structures and buildings allowances
5
1
Section 270BNC of CAA 2001 (structures and buildings allowances: power to amend meaning of “freeport qualifying expenditure”) is amended as follows.
2
In the heading, at the end insert “etc”
.
3
In subsection (1)—
a
the words from “change” to the end become paragraph (a);
b
after that paragraph insert
, or
b
make provision adding, removing or altering, or otherwise about, circumstances in which qualifying expenditure is to be treated as if it were—
i
freeport qualifying expenditure, or
ii
other qualifying expenditure,
including provision about assessments, adjustments to assessments, returns, amendments of returns and penalties.
4
In subsection (4)(b), after “subsection” insert “(1)(b) or”
.
5
At the end insert—
5
The power to make regulations under subsection (1)(b) may be exercised only in relation to qualifying expenditure incurred on or after the date on which the regulations come into force.