Taxes Consolidation Act 1997 section 337

Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment

Section 337 gave owner-occupiers in the Temple Bar Area a deduction from total income for expenditure incurred on the construction or refurbishment of a house used as their only or main residence.

• Relief was given as a deduction from total income spread over 10 years — 5% per annum for construction expenditure and 10% per annum for refurbishment expenditure.
• The qualifying premises had to be a house wholly within the Temple Bar Area, used solely as a dwelling, and first occupied as the individual's only or main residence after the qualifying expenditure was incurred.
• Floor area limits applied: 30–125 square metres for a self-contained flat or maisonette in a building of two or more storeys, and 35–125 square metres in any other case.
• Sections 334 to 338 were repealed by section 24(3) Finance Act 2002, but the saving provision in section 372AV preserved the entitlement to relief for existing beneficiaries.