Ref. Ares(2013)697534 - 15/04/2013
Ref. Ares(2014)69823 - 14/01/2014
Section 22 Finance Bill (No. 2) 2008
Amendment of
section 268
(meaning of
‘‘industrial building
or structure’’) of
Principal Act.
22.—(1) Section 268 of the Principal Act is amended—
(a) in subsection (12)(c) by inserting ‘‘, or part thereof,’’ after
‘‘potential capital allowances involved’’, and
(b) by inserting the following after subsection (12):
‘‘(12A) (a) Where the National Tourism Development Authority
gives a certificate in writing to the person who has incurred the
capital expenditure on the construction or refurbishment of the
building or structure stating that the approval referred to in
subsection (12)(c) has been received, the building or structure
shall, for the purposes of this Part, be treated as an industrial
building or structure from the date on which it was first used for
the purposes of the trade of hotel-keeping, and tax shall be
discharged or repaid accordingly in giving effect to the
allowances to be made under this Part.
(b) Where the Commission of the European Communities has
approved an amount—
(i) which is lower than the amount of capital expenditure actually
incurred on the construction or refurbishment of the building or
structure, then, for the purposes of this Part, that lower
amount shall be substituted for the 5 amount actually incurred, or
(ii) which is lower than the amount of the net price paid within
the meaning of section 279, that section shall apply as if the
reference to the net price 10 paid in subsection (2)(b) were a
reference to the lower amount so approved.’’.