Taxes Consolidation Act 1997 Schedule 32 paragraph 20

Income Tax: Relief for Expenditure on Certain Buildings in Certain Areas

Schedule 32, paragraph 20 preserves the income tax relief for expenditure on certain buildings in designated areas, originally provided for in section 4 of the Finance Act 1989, despite the repeal of that section by the Taxes Consolidation Act 1997.

• The relief encouraged individuals to live in designated inner city areas and renovate qualifying buildings of significant scientific, historical, architectural or aesthetic interest.
• An individual could deduct 25 per cent of qualifying expenditure from total income in the year it was incurred, with a further 5 per cent deductible in each of the following five years, giving a total deduction of 50 per cent.
• The expenditure had to relate to the repair, restoration or maintenance of a house used as the individual's sole or main residence, and the relief was available for the period 24 May 1989 to 31 July 1994.
• Although the original provision was repealed, any entitlement that existed immediately before the commencement of the 1997 Act was preserved, and Revenue retained the power to withdraw relief where the withdrawal conditions applied.