Finance Act, 1998
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Amendment of Chapter 6 (Dublin Docklands Area) of Part 10 of Principal Act. |
28.—(1) Chapter 6 of Part 10 of the Principal Act is hereby amended— | |
(a) in section 368 by the insertion of the following after subsection (4): | ||
“(4A) Notwithstanding section 274 (1), no balancing charge shall be made in relation to a building or structure to which this section applies by reason of any of the events specified in that section which occurs— | ||
(a) more than 13 years after the building or structure was first used, or | ||
(b) in a case where section 276 applies, more than 13 years after the capital expenditure on refurbishment of the building or structure was incurred.”, | ||
and | ||
(b) in section 371 by the substitution of the following for subsection (2): | ||
“(2) (a) Subject to subsection (3), where an individual, having made a claim in that behalf, proves to have incurred qualifying expenditure in a year of assessment, the individual shall be entitled, for that year of assessment and for any of the 9 subsequent years of assessment in which the qualifying premises in respect of which the individual incurred the qualifying expenditure is the only or main residence of the individual, to have a deduction made from his or her total income of an amount equal to— | ||
(i) in the case where the qualifying expenditure has been incurred on the construction of the qualifying premises, 5 per cent of the amount of that expenditure, or | ||
(ii) in the case where the qualifying expenditure has been incurred on the refurbishment of the qualifying premises, 10 per cent of the amount of that expenditure. | ||
(b) A deduction shall be given under this section in respect of qualifying expenditure only in so far as that expenditure is to be treated under section 372(5) as having been incurred in the qualifying period.”. | ||
(2) This section shall apply as on and from the 6th day of April, 1997. |