Taxes Consolidation Act 1997 section 315

Property used for purposes of "exempted trading operations"

Section 315 deals with balancing allowances and balancing charges on property used by companies that held tax exemption certificates for trading operations in the Shannon Free Airport Area. This section is spent.

• The section applies where an event gives rise to a balancing allowance or charge on property of a company that was granted a Shannon Free Airport tax exemption certificate by the Minister for Finance.
• Where the property was used exclusively for the company's exempted trading operations, no balancing allowance or balancing charge is made.
• Where the property was used partly for exempted trading operations and partly for other trading operations, the balancing allowance or charge is limited to an amount that is just and reasonable in the circumstances.
• The section applies whether or not the exemption certificate is still in force at the time of the event.