Section 28 of CAA 2001 (thermal insulation of industrial buildings) is amended as follows.
In subsection (1)—
for "consisting of a trade" substitute ," other than an ordinary property business or an overseas property business "
for "an industrial" substitute , and" a "
for "the trade" substitute ." the qualifying activity "
In subsection (2), for "an industrial" substitute ." a "
After that subsection insert—
Omit subsection (3).
In the heading, omit "industrial".
In section 23(2) of CAA 2001 (expenditure unaffected by sections 21 and 22), in the entry for section 28, omit "industrial".
The amendments made by this section have effect—
for corporation tax purposes, in relation to expenditure incurred on or after 1 April 2008, and
for income tax purposes, in relation to expenditure incurred on or after 6 April 2008.