S.I. No. 505/2001 - Taxes Consolidation Act, 1997 (Commencement of Chapter 3 of Part 23) Order, 2001

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 669F of the Taxes Consolidation Act, 1997 (No. 39 of 1997), with the consent of the Minister for Agriculture, Food and Rural Development, hereby order as follows:

1.       This Order may be cited as the Taxes Consolidation Act, 1997 (Commencement of Chapter 3 of Part 23) Order, 2001.

2.       The 1st day of November, 2001 is hereby appointed as the day on which Chapter 3 of Part 23 of the Taxes Consolidation Act, 1997 (No. 39 of 1997) comes into operation.

The Minister for Agriculture, Food and Rural Development consents to the making of this Order.

Explanatory Note

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

This Order appoints 31st October 2001 as the date for the coming into operation of Chapter 3 of Part 23 of the Taxes Consolidation Act, 1997 (No. 39 of 1997). This chapter provides for a new scheme of capital allowances for the purchase of a milk quota under the National Quota Restructuring Scheme which the Minister for Agriculture, Food and Rural Development introduced from 1 April 2000.

The allowances apply to a milk quota purchased from co-operatives or dairies as well as milk quota purchased directly from lessors by lessees who are currently leasing the quota. The new allowances are granted on a straight line basis over a seven year period.