Finance Act, 1991
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Restriction of tax incentives on property investment. |
24.—(1) In this section— | |
“property investment scheme” means any scheme or arrangement made for the purpose, or having the effect, of providing facilities, whether promoted by way of public advertisement or otherwise, for the public or a section of the public to share, either directly or indirectly and whether as beneficiaries under a trust or by any other means, in income or gains arising or deriving from the acquisition, holding or disposal of, or of an interest in, a building or structure or a part thereof, but does not include a scheme or arrangement as respects which the Revenue Commissioners or, on appeal, the Appeal Commissioners, having regard to such information as may be produced to them, are of the opinion that— | ||
(a) the manner in which persons share in the said income or gains, and | ||
(b) the number of persons who so share, | ||
are in accordance with a practice which commonly prevailed in the State during the period of 5 years ending immediately before the 30th day of January, 1991, for the sharing of such income or gains by persons resident in the State and such that the persons so sharing qualified for relief under— | ||
(i) the proviso to subsection (1) of section 296 of the Income Tax Act, 1967 , or | ||
(ii) subsection (6) of section 14 of the Corporation Tax Act, 1976 ; | ||
“specified interest” means an interest in or deriving from a building or structure held by a person pursuant to a property investment scheme. | ||
(2) Where a person holds a specified interest then, as respects expenditure incurred or deemed to be incurred on or after the 30th day of January, 1991, the proviso to subsection (1) of section 296 of the Income Tax Act, 1967 , and subsection (6) of section 14 of the Corporation Tax Act, 1976 , shall not have effect as respects an allowance under section 254 (as amended by section 74 of the Finance Act, 1990 ) or section 264 (as amended by section 50 of the Finance Act, 1988 ) of the said Act of 1967, which falls to be made to the person by reason of the holding by him of the specified interest. | ||
(3) The Appeal Commissioners shall hear and determine an appeal made to them under this section as if it were an appeal against an assessment to income tax and all the provisions of the Income Tax Act, 1967 , relating to the rehearing of an appeal and the statement of a case for the opinion of the High Court on a point of law shall apply accordingly with any necessary modifications. |