Clause 13

in subsection (3A), replace “or 2024” with “, 2024 or any subsequent year of assessment”;

replace subsection (8) with —“(8) In subsection (7)(f), “specified period” means —

a period that is —

a period of 3 consecutive basis periods beginning with the basis period for the year of assessment in which a deduction is first allowed to the person under this section; or

any successive period of 3 consecutive basis periods,except that —

if any of the basis periods in the period in sub‑paragraph (i) or (ii) is the basis period for the year of assessment 2024, then that period (called period X) ends at the end of that basis period; and

sub‑paragraph (ii) excludes any period that succeeds period X; and

a period of 3 consecutive basis periods beginning with the basis period for the year of assessment 2025, or any successive period of 3 consecutive basis periods.”;

in subsection (8A), replace paragraph (b) with —“(b)references in those provisions to a specified period were to —

a period that is —

a period of 3 consecutive basis periods beginning with the basis period for the year of assessment in which a deduction is first allowed to any partner of the partnership under this section for the renovation or refurbishment expenditure incurred by the partnership; or

any successive period of 3 consecutive basis periods,except that —

if any of the basis periods in the period in sub‑paragraph (A) or (B) is the basis period for the year of assessment 2024, then that period (called period X) ends at the end of that basis period; and (D)sub‑paragraph (B) excludes any period that succeeds period X; and

a period of 3 consecutive basis periods beginning with the basis period for the year of assessment 2025, or any successive period of 3 consecutive basis periods.”; and

in subsection (9)(b), after “professional fees”, insert “incurred in the basis period for the year of assessment 2024 or an earlier year of assessment, or any designer or professional fees related to the works mentioned in paragraph (a) incurred in the basis period for the year of assessment 2025 or a subsequent year of assessment”.