Taxes Consolidation Act 1997 section 327

Rented residential accommodation: deduction for certain expenditure on refurbishment

Section 327 provided a deduction against rental income for relevant expenditure incurred on the refurbishment of certain rented residential accommodation in the Custom House Docks Area, and operated as part of the urban renewal package for that area.

The section is now spent. Its main features were:

• It applied only to specified buildings in the Custom House Docks Area which contained 2 or more houses both before and after refurbishment.
• The qualifying period ran from 30 January 1991 to the end of the specified period for the area.
• The refurbished house had to be let under a qualifying lease for a relevant period of 10 years.
• Any premium taken on the qualifying lease could not exceed 10 per cent of the market value of the house on completion of the refurbishment.