Taxes Consolidation Act 1997 section 331

Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures

Section 331 provided accelerated capital allowances for the construction or refurbishment of certain industrial buildings or structures (principally hotels, but also factories, mills and similar premises) located in the Temple Bar Area during the qualifying period. The section is now spent, but allowances given under it may still feature in older capital allowance computations.

The section operated as follows.

• It applied to buildings constructed in the Temple Bar Area during the qualifying period, or to buildings in existence there on 1 January 1991 and refurbished during that period.
• It granted an industrial building (initial) allowance of 25 per cent for construction expenditure and 50 per cent for refurbishment expenditure, available to both lessors and owner-occupiers.
• It granted free depreciation of 50 per cent for construction expenditure and 100 per cent for refurbishment expenditure, available only to owner-occupiers.
• It uplifted qualifying refurbishment expenditure by deeming it to include the lesser of the purchase price of the building or its market value on 1 January 1991 (both exclusive of site value), where the actual refurbishment outlay was at least equal to that amount.