Taxes Consolidation Act 1997 section 334

Rented residential accommodation: deduction for certain expenditure on construction

Section 334 provided a "section 23-type" rental deduction for expenditure on the construction of certain rented residential accommodation in the Temple Bar Area, allowing the cost of construction to be set against rental income from the qualifying premises.

• Applied to houses in the Temple Bar Area which met floor area limits and were first let, without prior use, under a qualifying lease.
• Construction expenditure treated as incurred in the qualifying period was deductible in computing the rental surplus or deficiency from the premises.
• Clawback applied where, within a 10-year relevant period, the premises ceased to qualify, with the deduction treated as rent received the day before the event.
• Repealed by section 24(3) Finance Act 2002, with a saving provision now contained in section 372AV preserving title to relief for existing beneficiaries.