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S.I. No. 292/1993 - Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 4) Order, 1993.

S.I. No. 292 of 1993.

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) (NO. 4) ORDER, 1993.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Finance Act, 1987 (No. 10 of 1987), as amended by section 30 of the Finance Act, 1992 (No. 9 of 1992), and after consultation with the Minister for the Environment, hereby, by this Order, direct as follows:

1. This Order may be cited as the Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 4) Order, 1993.

2. The definition of "designated area" contained in section 41 of the Finance Act, 1986 (No. 13 of 1986), shall include the area described in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) Order, 1993 ( S.I. No. 228 of 1993 ).

3. As respects the area described in the said Part II, the definition of "qualifying period" in sections 42 , 44 and 45 of the Finance Act, 1986 , as amended by section 30 of the Finance Act, 1993 (No. 13 of 1993), shall be construed as a reference to the period commencing on the 30th day of July, 1993, and ending on the 30th day of November, 1993:

Provided that—

( a ) in relation to capital expenditure incurred on the construction of any qualifying premises (within the meaning of the said section 42) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 30th day of July, 1993, and ending on the 31st day of July, 1994,

( b ) in relation to qualifying expenditure (within the meaning of the said section 44) incurred on the construction of any qualifying premises (within the meaning aforesaid) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 30th day of July, 1993, and ending on the 31st day of July, 1994, and

( c ) in relation to a qualifying lease (within the meaning of the said section 45) for any qualifying premises (within the said meaning) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 30th day of July, 1993 and ending on the 31st day of July, 1994.

GIVEN under my Official Seal, this 11th day of October, 1993.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This Order declares a certain area in Ballymun to be a designated area for the purposes of incentive tax reliefs for urban renewal provided for in the Finance Act, 1986 , comprising of capital allowances for commercial buildings, owner-occupier allowance and double rent allowance. The Order also prescribes, in relation to this area, the period of the availability of these incentives.