Taxes Consolidation Act 1997 section 341

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

Section 341 provides accelerated capital allowances for capital expenditure on the construction or refurbishment of certain industrial buildings or structures located in designated areas, and for refurbishment expenditure on such buildings fronting on to a designated street.

• An industrial building (initial) allowance of 25% is available to both owner-occupiers and lessors.
• Free depreciation of up to 50% is available to owner-occupiers only.
• For designated streets, only refurbishment qualifies and is linked to residential conversion expenditure under sections 347, 348 or 349.
• No balancing charge arises more than 13 years after first use or, for refurbishment, more than 13 years after the expenditure was incurred.