Taxes Consolidation Act 1997 section 229A

Shannon Commercial Enterprises Ltd

Section 229A provides tax relief for Shannon Commercial Enterprises Limited on its rental and easement income, and on capital gains arising from the disposal of assets, following the restructuring under the State Airports (Shannon Group) Act 2014.

• Rental income and easement receipts of Shannon Commercial Enterprises Limited were fully exempt from Case V Schedule D tax for the period 1 January 2014 to 31 December 2015.
• Transitional relief reduced taxable rental profits by two-thirds for accounting periods in 2016 and by one-third for accounting periods in 2017, after which full taxation applied.
• On disposal of an asset after 31 December 2013, the portion of any capital gain attributable to the qualifying period (acquisition date, or 6 April 1974 if held on that date, to 31 December 2013) is exempt from capital gains tax.
• The exempt portion of the capital gain is calculated as the ratio of the qualifying period to the total period of ownership of the asset.