Finance Act, 1994

Amendment of section 98 (market value of property) of Act of 1983.

117.—Section 98 of the Act of 1983 is hereby amended by the insertion of the following subsection after subsection (2):

“(2A) (a) Notwithstanding the provisions of subsections (1) and (2), in estimating the market value of any property on the relevant valuation date, a reduction may be made in respect of such value which is attributable on that date to qualifying improvements.

(b) ‘Qualifying improvements’ for the purposes of this subsection, means necessary improvements or alterations to the property for the purposes only of accommodating or facilitating a person who is permanently incapacitated by reason of mental or physical infirmity from maintaining himself.

(c)A reduction shall not be available by virtue of this subsection unless the incapacitated person concerned normally resided at the property in the year ended on the relevant valuation date.”.