Taxes Consolidation Act 1997 Schedule 32 paragraph 14

Rented Residential Accommodation — Deduction for Expenditure Incurred on Construction, Conversion or Refurbishment in Areas other than the Custom House Docks Area

Schedule 32 paragraph 14 preserves existing entitlements to rental deductions and deemed rent amounts under the former "section 23" relief regime for premises in designated areas other than the Custom House Docks Area, notwithstanding the repeal of the original Finance Act provisions by the Taxes Consolidation Act 1997.

• Where a person would have been entitled to a deduction, or would have been deemed to have received an amount as rent, under the former section 23 relief provisions, that entitlement is carried forward and continues to apply under the Taxes Consolidation Act 1997.
• The preserved entitlements relate to capital expenditure on the construction, conversion or refurbishment of rented residential accommodation in designated areas, excluding the Custom House Docks Area (as defined in section 41 of the Finance Act 1986).
• The original reliefs arose under section 23 of the Finance Act 1981, including as applied by section 24 of that Act, section 22 of the Finance Act 1985 and section 21 of the Finance Act 1985, in so far as those provisions applied to areas other than the Custom House Docks Area.
• The Taxes Consolidation Act 1997 applies with any modifications necessary to give effect to the preserved entitlements, ensuring continuity of the relief despite the repeal of the earlier enactments.