Urban Renewal Act, 1998

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Amendment of Chapters 7 and 8 of Part 10 of Taxes Consolidation Act, 1997.

19.—Chapters 7 and 8 (inserted by the Finance Act, 1998 ) of Part 10 of the Taxes Consolidation Act, 1997 , are hereby amended—

(a) in section 372B (1), by the substitution of the following paragraph for paragraph (b):

“(b) where such an area or areas is or are to be a qualifying area for the purposes of section 372D—

(i) one or more of the categories of building or structure mentioned in subsection (2) shall or shall not be a qualifying premises within the meaning of that section and

(ii) subsection (6) of that section shall not apply in relation to that qualifying area, and”,

(b) in section 372D—

(i) by the substitution in subsection (2)(a) of “subsections (3) to (6A)” for “subsections (3) to (6)”,

(ii) by the insertion in subsection (6)(a) after “Notwithstanding subsections (2) to (4)” of “but subject to section 372B(1)(b)”, and

(iii) by the insertion of the following subsection after subsection (6):

“(6A) Where an order made under section 372B(1) directs that subsection (6) shall not apply in relation to a qualifying area, subsection (4) shall apply in relation to that qualifying area as if—

(a) the reference in paragraph (a)(iv) of that subsection to 50 per cent were a reference to 25 per cent, and

(b) the following subparagraphs were substituted for subparagraph (ii) of paragraph (b) of that subsection:

‘(ii) the following paragraph were substituted for paragraph (b) of subsection (2) of that section:

“(b) As respects any qualifying expenditure, any allowance made under section 272 and increased under paragraph (a) in respect of that expenditure, whether claimed for one chargeable period or more than one such period, shall not in the aggregate exceed 50 per cent of the amount of that qualifying expenditure.”,

and

(iii) subsections (3) to (7) of that section were deleted.’”,

(c) in section 372N—

(i) by the substitution in subsection (2)(a) of “subsections (3) to (6B)” for “subsections (3) to (6)”, and

(ii) by the insertion of the following subsections after subsection (6):

“(6A) Subsection (6) shall apply in relation to capital expenditure incurred in the qualifying period on the construction or refurbishment of a qualifying premises only where the qualifying premises is at any time in that period the subject of a qualifying lease (within the meaning of section 372O) granted to a person who occupies the qualifying premises for the purposes of a qualifying trade or profession (within the meaning of that section).

(6B) Where subsection (6) does not apply in relation to capital expenditure incurred in the qualifying period, subsection (4) shall apply as if—

(a) the reference in paragraph (a)(iv) of that subsection to 50 per cent were a reference to 25 per cent,

and

(b) the following subparagraphs were substituted for subparagraph (ii) of paragraph (b) of that subsection:

‘(ii) the following paragraph were substituted for paragraph (b) of subsection (2) of that section:

“(b) As respects any qualifying expenditure, any allowance made under section 272 and increased under paragraph (a) in respect of that expenditure, whether claimed for one chargeable period or more than one such period, shall not in the aggregate exceed 50 per cent of the amount of that qualifying expenditure.”,

and

(iii) subsections (3) to (7) of that section were deleted.’”,

and

(d) in section 372O—

(i) by the substitution in subsection (3) for “trade or profession” (where that expression first occurs) of “qualifying trade or profession (being a trade or profession specified by regulations made by the Minister for Finance to be a qualifying trade or profession for the purposes of this section)”, and

(ii) by the insertion of the following subsection after subsection (5):

“(6) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.