Taxes Consolidation Act 1997 section 332

Capital allowances in relation to construction or refurbishment of certain commercial premises

Section 332 provided capital allowances for capital expenditure incurred in the qualifying period on the construction or refurbishment of certain commercial premises in the Temple Bar Area of Dublin.

The main points were:

• Qualifying premises were non-industrial commercial buildings in the Temple Bar Area either newly constructed in the qualifying period or, if already in existence on 1 January 1991, refurbished in the qualifying period.
• For refurbishment expenditure and construction expenditure on multi-storey car parks, 100 per cent of the expenditure was available for write-off; for other construction expenditure, only 50 per cent was available for write-off.
• The allowances available were an industrial building (initial) allowance, annual writing-down allowances, and (for owner-occupiers only) free depreciation.
• No balancing charge could arise more than 13 years after the premises was first used or, where refurbishment expenditure qualified, more than 13 years after that expenditure was incurred.