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.”