Clause 16

by deleting the definition of “designated lease” and substituting the following definition:“ “designated lease” means any lease in respect of any industrial land granted to a lessee by a relevant body —

for a period of 30 years or less during the period from 1st January 1998 to the last day of the basis period for the year of assessment 2003 of the lessee; or

for a period of 60 years or less on or after the first day of the basis period for the year of assessment 2004 of the lessee and before 28th February 2013,and includes an assignment of such a lease;”;

by deleting the words “section 18(1)(f), (g), (j) and (k)” in paragraph (a) of the definition of “qualifying activity” and substituting the words “section 18(1)(j) and (k)”; and

by deleting the words “for a period of 30 years or less” in the definition of “upfront land premium”.