Taxes Consolidation Act 1997 Schedule 32 paragraph 9

Allowance for Certain Capital Expenditure on Construction of multi-storey car-parks

Paragraph 9 of Schedule 32 provides for capital allowances on the construction of multi-storey car parks used by the general public, where the expenditure was incurred between 29 January 1981 and 31 March 1991.

• A qualifying multi-storey car park must consist of three or more storeys used wholly for providing paid parking to the general public without preference for any particular class of person.
• Capital expenditure incurred on or after 29 January 1981 and before 1 April 1991 on the construction of such a car park is treated as qualifying expenditure for capital allowances purposes.
• The allowances available are those applying to industrial buildings or structures, but free depreciation (section 273) is excluded.
• The paragraph preserved entitlement to these allowances following enactment of the Taxes Consolidation Act 1997.