(1) THAT section 372AP of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended with effect as on and from 7 December 2010-

(a)in subsection (1), in the definition of "relevant period" -

(i) in paragraph (b)(ii) by substituting "after the date of such completion," for "after the date of such completion;", and

(ii) by inserting the following after paragraph (b)(ii):

" but in relation to a premises which is not a qualifying premises or a special qualifying premises on 30 June 2011 solely by virtue of not being let on that day under a qualifying lease, the relevant period shall begin on that day and this Chapter shall apply accordingly;",

(b)in subsection (2) by substituting "Subject to subsections (3), (4), (5), (8A), (8B) and (8C)," for "Subject to subsections (3), (4) and (5),",

(c)in subsection (3) by inserting the following after paragraph (b):

"(c) For the purposes of paragraph (a) and notwithstanding paragraph (b), no deduction shall be given under subsection (2)(a) for any chargeable period which begins after the chargeable period in which the relevant period ends.",

(d)in subsection (8) by inserting the following after paragraph (b):

"(c) Notwithstanding any other provision of this section, paragraph (a) shall not apply where the event mentioned in subsection (7)(b) occurs on or after 1 January 2011.",

and

(e) by inserting the following after subsection (8):

"(8A) Where the relevant period in relation to any qualifying premises or any special qualifying premises ends in any chargeable period ending3⁄4

(a) before 1 January 2011, or

(b) at any other time,

then section 384 shall not apply to the amount of any excess (within the meaning of section 384(2)) in respect of eligible expenditure on that premises which is carried forward from that chargeable period 3⁄4

(i)where paragraph (a) applies, to the chargeable period ending in 2011 and each subsequent chargeable period, and

(ii)where paragraph (b) applies, to the next subsequent chargeable period and each subsequent chargeable period.

(8B) (a) Where, by virtue of subsection (2), any eligible expenditure to which this section applies falls to be taken into account for any chargeable period ending on or after 1 January 2011 in computing, under section 97(1), a deficiency in respect of any rent from a qualifying premises or a special qualifying premises, then, notwithstanding subsection (2), only so much of that eligible expenditure as does not exceed the amount of that rent shall be so taken into account and paragraph (b) is to apply as respects each subsequent chargeable period to any excess of that eligible expenditure over the amount of that rent (referred to in this subsection as 'excess expenditure').

(b) Where, as respects each chargeable period to which paragraph (a) applies, there is an amount of excess expenditure, that amount shall be treated, for the purposes of subsection (2) and this subsection, as if it were eligible expenditure to which this section applies which, by virtue of subsection (2), falls to be taken into account for the next succeeding chargeable period in computing under section 97(1) a surplus or deficiency in respect of any rent from the qualifying premises or the special qualifying premises.

(8C) For the purposes of subsections (8A) and (8B), section 485C(3)(ab) and paragraph 4 of Schedule 25C shall apply in determining the amount of any relief, to which this Chapter applies, to be carried forward from any chargeable period to each subsequent chargeable period.".

(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).