[F1298 The time limit for qualifying enterprise zone expenditureU.K.
(1)For the purposes of sections 299 to 304, the time limit for expenditure on the construction of a building on a site in an enterprise zone is—
(a)10 years after the site was first included in the zone, or
(b)if the expenditure is incurred under a contract entered into within those 10 years, 20 years after the site was first included in the zone.
(2)In those sections “EZ building” is short for “building on a site in an enterprise zone”.
(3)In this Part “enterprise zone” means an area designated as such by an order—
(a)made by the Secretary of State [F2, the Scottish Ministers or the National Assembly for Wales,] under powers conferred by Schedule 32 to the Local Government, Planning and Land Act 1980 (c. 65), or
(b)in Northern Ireland, made by the Department of the Environment under Article 7 of the Enterprise Zones (Northern Ireland) Order 1981 (S.I.1981/607 (N.I.15)).]
Textual Amendments
F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)
F2Words in s. 298(3) inserted (with effect as mentioned in s. 69(2) of the amending Act) by Finance Act 2001 (c. 9), s. 69(1), Sch. 21 para. 5