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S.I. No. 471/2001 - Finance Act, 2001 (Commencement of Section 50) Order, 2001

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 50 of the Finance Act, 2001 (No. 7 of 2001), hereby order as follows:

1.       This Order may be cited as the Finance Act, 2001 (Commencement of Section 50) Order, 2001.

2.       The 22nd day of October, 2001, is appointed as the day on which section 50 of the Finance Act, 2001 (No. 7 of 2001), shall come into operation.

Given under my Official Seal,

22nd October, 2001

Charlie McCreevy TD

Minister for Finance

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order appoints 22nd October, 2001 as the date for the coming into operation of section 50 of the Finance Act, 2001 . That section amends section 310 of the Taxes Consolidation Act, 1997 so as to provide capital allowances in respect of capital contributions made by non-domestic water users to local authorities for the purposes of funding new water supply infrastructure. The section provides that capital allowances appropriate to either an industrial building (4% per annum over a 25-year period) or machinery or plant (20% per annum over a 5-year period) will apply to qualifying contributions.