(This note is not part of the Regulations)
These Regulations relate to business premises renovation allowances under Part 3A of the Capital Allowances Act 2001 (c. 2: “CAA 2001”). The allowances will be available for qualifying expenditure in respect of a qualifying building incurred on or after such day as the Treasury may appoint under section 92 of the Finance Act 2005 (c. 7).
Regulation 1 provides for citation and commencement.
Regulation 2 provides for interpretation.
Regulation 3 designates areas specified as development areas by the Assisted Areas Order 2007 (S.I. 2007/107) and Northern Ireland as disadvantaged areas for the purposes of section 360C CAA 2001 (meaning of “qualifying building”).
Regulation 4 provides that in certain circumstances premises are not “qualifying business premises” for the purposes of Part 3A of CAA 2001. The trade sectors affected are those in which Commission Regulation (EC) No 1628/2006 does not apply to aid fulfilling the criteria laid down in Article 87(1) of the Treaty (usually referred to as State aid). The sectors concerned are fisheries and aquaculture; shipbuilding; the coal industry; the steel industry; synthetic fibres; the primary production of certain agricultural products; and the manufacture and marketing of products which imitate or substitute for milk and milk products.
A full regulatory impact assessment for business premises renovation allowances was published in March 2005 and can be found at http://www.hmrc.gov.uk/ria/business-renovation.pdf.