Finance Act, 2001
Living over the shop scheme. |
60.—Chapter 7 of Part 10 of the Principal Act is amended— | |||
(a) in section 372A— | ||||
(i) in subsection (1)— | ||||
(I) by the insertion before the definition of “lease” of the following: | ||||
“existing building” means a building or structure which— | ||||
(a) fronts on to a qualifying street, and | ||||
(b) existed on 13 September 2000; | ||||
(II) by the insertion after the definition of “multi-storey car park” of the following: | ||||
“‘necessary construction’, in relation to an existing building, means one or more of the following: | ||||
(a) construction of an extension to the building which does not exceed 30 per cent of the floor area of the building immediately before expenditure on the construction, conversion or refurbishment of the building was incurred, where such extension is necessary for the purposes of facilitating access to, or providing essential facilities in, one or more qualifying premises within the meaning of section 372F or 372I, | ||||
(b) construction of an additional storey or additional storeys to the building which was or were, as the case may be, necessary for the restoration or enhancement of the streetscape, or | ||||
(c) construction of a replacement building;”, | ||||
(III) by the substitution of the following for the definition of “qualifying period”: | ||||
“‘qualifying period’ means— | ||||
(a) subject to section 372B and in relation to a qualifying area, the period commencing on 1 August 1998 and ending on 31 December 2002, and | ||||
(b) subject to 372BA and in relation to a qualifying street, the period commencing on 6 April 2001 and ending on 31 December 2004;”, | ||||
(IV) by the insertion before the definition of “refurbishment” of the following: | ||||
“‘qualifying street’ means a street specified as a qualifying street under section 372BA;”, | ||||
(V) by the substitution in the definition of “refurbishment” of “the building or structure;” for “the building or structure.”, and | ||||
(VI) by the insertion after the definition of “refurbishment” of the following: | ||||
“‘replacement building’, in relation to a building or structure which fronts on to a qualifying street, means a building or structure or part of a building or structure, as the case may be, which is constructed to replace an existing building, where— | ||||
(a) (i) a notice under subsection (1) of section 3 or an order under subsection (5) of that section, of the Local Government (Sanitary Services) Act, 1964 , which required the demolition of the existing building or part of that building, was given or made, as the case may be, on or after 13 September 2000 and before 31 March 2001, and | ||||
(ii) the replacement building is consistent with the character and size of the existing building, | ||||
or | ||||
(b) the demolition of the existing building (being a single storey building) was required for structural reasons, in order to facilitate the construction of an additional storey or additional storeys to the building which was or were, as the case may be, necessary for the restoration or enhancement of the streetscape; | ||||
‘relevant local authority’ in relation to a street means, in respect of the county boroughs of Cork, Dublin, Galway, Limerick or Waterford, the corporation of the borough in whose functional area the street is situated; | ||||
‘street’ includes part of a street and the whole or part of any road, square, quay or lane.”, | ||||
and | ||||
(ii) in subsection (2) by the insertion after “This Chapter shall apply” of “in relation to qualifying areas”, | ||||
(b) in section 372B(4) by the insertion after “of this Chapter” of “in respect of the construction, refurbishment or conversion of a building, structure or house, the site of which is wholly within a qualifying area,”, | ||||
(c) by the insertion of the following after section 372B: | ||||
| ||||
(d) in section 372D— | ||||
(i) by the insertion in subsection (1), of “, or which fronts on to a qualifying street,” after “qualifying area”, and | ||||
(ii) by the insertion of the following after subsection (3): | ||||
“(3A) (a) In the case of a qualifying premises which fronts on to a designated street, subsection (2) shall apply in relation to capital expenditure incurred in the qualifying period on the construction or refurbishment of the qualifying premises, only if— | ||||
(i) the qualifying premises are comprised in the ground floor of— | ||||
(I) an existing building, or | ||||
(II) a replacement building, | ||||
and | ||||
(ii) apart from the capital expenditure incurred in the qualifying period on the construction or refurbishment of the qualifying premises, expenditure is incurred on the upper floor or floors of the existing building or the replacement building, as the case may be, which is— | ||||
(I) expenditure on the construction (being necessary construction) of a qualifying premises as defined in section 372F, | ||||
(II) conversion expenditure within the meaning of section 372G, | ||||
(III) relevant expenditure within the meaning of section 372H, or | ||||
(IV) qualifying expenditure within the meaning of section 372I (being qualifying expenditure on necessary construction, or on refurbishment within the meaning of that section), | ||||
and in respect of which a deduction has been given, or would on due claim being made be given, under section 372F, 372G, 372H or 372I, as the case may be. | ||||
(b) Notwithstanding paragraph (a), subsection (2) shall not apply in relation to so much (if any) of the capital expenditure incurred in the qualifying period on the construction or refurbishment of the qualifying premises as exceeds the amount of the deduction, or the aggregate amount of the deductions, which has been given, or which would on due claim being made be given, under section 372F, 372G, 372H or 372I, as the case may be, in respect of the expenditure on construction (being necessary construction), conversion expenditure, the relevant expenditure or, as the case may be, the qualifying expenditure (being qualifying expenditure on necessary construction, or on refurbishment).”, | ||||
(e) in section 372F— | ||||
(i) in subsection (1), in the definition of “qualifying premises” by the insertion in paragraph (a) of “, or which fronts on to a qualifying street” after “qualifying area”, and | ||||
(ii) in subsection (2), by the insertion after “a qualifying premises” of “the site of which is wholly within a qualifying area, or on the necessary construction of a qualifying premises which fronts on to a qualifying street”, | ||||
(f) in section 372G(1) by the insertion in paragraphs (a)(i) and (b)(i) of the definition of “conversion expenditure” of “, or which fronts on to a qualifying street” after “qualifying area” in each case, | ||||
(g) in section 372H(1) by the insertion in paragraph (a) of the definition of “specified building” of “, or which fronts on to a qualifying street” after “qualifying area”, | ||||
(h) in section 3721— | ||||
(i) in subsection (1)— | ||||
(I) in the definition of “qualifying expenditure” by the substitution for “local authority;” of the following: | ||||
“local authority; but in the case of a qualifying premises which fronts on to a qualifying street or which is comprised in a building or part of a building which fronts on to a qualifying street, this definition shall apply as if the reference to ‘construction’ were a reference to ‘necessary construction’.”, | ||||
and | ||||
(II) in the definition of “qualifying premises” by the insertion in paragraph (a) of “, or which fronts on to a qualifying street or which is comprised in a building or part of a building which fronts on to a qualifying street” after “qualifying area”, | ||||
and | ||||
(ii) in subsection (2)(a), by the substitution of the following for subparagraph (i): | ||||
“(i) in the case where the qualifying expenditure has been incurred— | ||||
(I) on the construction of a qualifying premises the site of which is wholly within a qualifying area, 5 per cent of the amount of that expenditure, and | ||||
(II) on the necessary construction of a qualifying premises which fronts on to a qualifying street or which is comprised in a building or part of a building which fronts on to a qualifying street, 10 per cent of the amount of that expenditure.”, | ||||
(i) in section 372J by the insertion after subsection (5) of the following: | ||||
“(5A) A house which fronts on to a qualifying street or which is comprised in a building or part of a building which fronts on to a qualifying street shall not be a qualifying premises for the purposes of section 372F, 372G, 372H or 372I unless— | ||||
(a) the house is comprised in the upper floor or floors of an existing building or a replacement building, and | ||||
(b) the ground floor of such building is in use for commercial purposes, or, where it is temporarily vacant, it is subsequently so used.”, | ||||
and | ||||
(j) in section 372K(1), by the insertion after paragraph (a) of the following: | ||||
“(aa) in respect of expenditure incurred on or after 6 April 2001 on the construction or refurbishment of a building or structure or a qualifying premises the site of which is wholly within a qualifying area where any part of such expenditure has been or is to be met, directly or indirectly, by grant assistance from the State or from any other person,”. |