Finance Act 2015
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Industrial building allowances: aviation services facilities | ||
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27. (1) The Principal Act is amended— | ||
(a) in section 268— | ||
(i) in subsection (1F), by substituting “then, notwithstanding that subsection, that capital expenditure shall not, as regards a claim for any allowance under this Part by any such person, be regarded as specified capital expenditure for the purposes of this Part,” for “then, notwithstanding that subsection, that building or structure shall not, as regards a claim for any allowance under this Part by any such person, be regarded as an industrial building or structure for the purposes of this Part,”, | ||
(ii) by substituting the following for subsection (5A): | ||
“(5A) Subject to subsection (5C), expenditure incurred by a person on the construction of an industrial building or structure (within the meaning of subsection (1)(n)) shall be treated as specified capital expenditure for the purposes of this Part— | ||
(a) only to the extent that the aggregate of such expenditure does not exceed— | ||
(i) €5,000,000, where the person concerned is a company, and | ||
(ii) €1,250,000, where the person concerned is an individual, | ||
and | ||
(b) where the following information has been provided to the Revenue Commissioners before the first claim for a writing-down allowance is made, in accordance with section 272, by the person: | ||
(i) the name, address and tax reference number (within the meaning of section 477B(1) ) of the person making the claim; | ||
(ii) the address of the building or structure in respect of which the expenditure was incurred or deemed to have been incurred; | ||
(iii) details of the aggregate of the amount of such expenditure which has been incurred or deemed to have been incurred by the person making the claim.”, | ||
(iii) in subsection (5B)— | ||
(I) by substituting “subsection (5A)(b) ” for “subsection (5A)(c) ”, and | ||
(II) by substituting “necessary to ensure compliance with the provisions of this Part and any European Commission guidelines, regulations or other reporting requirements, as the case may be, that may be relevant.” for “reasonably related to achieving the following objective.”, | ||
(iv) by substituting the following for subsection (5C): | ||
“(5C) Where capital expenditure has been incurred, or deemed to have been incurred, on the construction of an industrial building or structure (within the meaning of subsection (1)(n)) by 2 or more persons, being either individuals or companies, or both, the amount of such expenditure which is to be treated as specified capital expenditure for the purposes of this Part shall, if necessary and notwithstanding section 279, be reduced such that the amount determined by the formula— | ||
(A x 50 per cent) + (B x 12½ per cent) | ||
does not exceed €625,000, where— | ||
A is the aggregate of all such specified capital expenditure which has been incurred, or deemed to have been incurred, by the individual or individuals concerned, and | ||
B is the aggregate of all such specified capital expenditure which has been incurred, or deemed to have been incurred, by the company or companies concerned.”, | ||
(v) by deleting subsections (5D) and (5E), | ||
(vi) in subsection (9), by substituting the following for paragraph (k): | ||
“(k) by reference to paragraph (n), as respects— | ||
(i) specified capital expenditure incurred in the period commencing on the date of the coming into operation of section 31 of the Finance Act 2013 and ending on the fifth anniversary of that date, and | ||
(ii) capital expenditure other than specified capital expenditure incurred on or after the date of the coming into operation of section 31 of the Finance Act 2013 .”, | ||
and | ||
(vii) by inserting the following after subsection (11): | ||
“(11A) Notwithstanding any other provision of this Part, capital expenditure which has been incurred on the construction of an industrial building (within the meaning of subsection (1)(n)) shall not be treated as specified capital expenditure where any part of that expenditure has been or is to be met, directly or indirectly, by grant assistance or any other assistance which is granted by or through the State, any board established by statute, any public or local authority or any other agency of the State.”, | ||
(b) in section 272— | ||
(i) by substituting the following for paragraph (k) of subsection (3): | ||
“(k) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1) — | ||
(i) 15 per cent of the expenditure referred to in subsection (2)(c), if that expenditure is specified capital expenditure, and | ||
(ii) 4 per cent of the expenditure referred to in subsection (2)(c), if that expenditure is not specified capital expenditure.”, | ||
and | ||
(ii) by substituting the following for paragraph (k) of subsection (4): | ||
“(k) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1) — | ||
(i) where the expenditure is specified capital expenditure, 7 years beginning with the time when— | ||
(I) the building or structure was first used, or | ||
(II) where the expenditure is incurred on refurbishment, the building or structure was first used subsequent to the incurring of that expenditure, | ||
and | ||
(ii) where the expenditure is not specified capital expenditure, 25 years beginning with the time when— | ||
(I) the building or structure was first used, or | ||
(II) where the expenditure is incurred on refurbishment, the building or structure was first used subsequent to the incurring of that expenditure.”, | ||
(c) in section 274(1)(b) by substituting the following for subparagraph (x): | ||
“(x) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1) — | ||
(I) where the expenditure is specified capital expenditure— | ||
(A) 7 years after the building or structure was first used, or | ||
(B) where the expenditure is incurred on refurbishment of the building or structure, 7 years after the building or structure was first used subsequent to the incurring of that expenditure, | ||
and | ||
(II) where the expenditure is not specified capital expenditure— | ||
(A) 25 years after the building or structure was first used, or | ||
(B) where the expenditure is incurred on refurbishment of the building or structure, 25 years after the building or structure was first used subsequent to the incurring of that expenditure.”, | ||
and | ||
(d) in Schedule 25B— | ||
(i) by substituting the following for clause (VIII) of paragraph (a)(i) of the matter set out opposite reference number 13: | ||
“(VIII) section 268(1)(n) (inserted by the Finance Act 2013 ) to the extent that the writing-down allowances are referable to specified capital expenditure (within the meaning of section 268),”, | ||
and | ||
(ii) by substituting the following for clause (VIII) of paragraph (a)(i) of the matter set out opposite reference number 15: | ||
“(VIII) section 268(1)(n) (inserted by the Finance Act 2013 ) to the extent that the balancing allowances are referable to specified capital expenditure (within the meaning of section 268),”. | ||
(2) Section 31 of the Finance Act 2013 is amended by substituting the following for subsection (2): | ||
“(2) This section comes into operation on 13 October 2015.”. | ||
(3) Section 33 of the Finance Act 2014 is amended by substituting the following for subsection (2): | ||
“(2) This section comes into operation on 13 October 2015.”. |