Taxes Consolidation Act 1997 section 343

Capital allowances in relation to construction or refurbishment of certain buildings or structures in enterprise areas

Section 343 grants capital allowances for capital expenditure incurred during the qualifying period on the construction or refurbishment of certain buildings or structures situated in enterprise areas and used by qualifying companies for manufacturing or internationally traded services.

• A qualifying building must sit wholly within an enterprise area and be used by a qualifying company for qualifying trading operations; no part of it may be used as a dwelling house.
• A qualifying company must be approved for financial assistance by Forfás, Enterprise Ireland, the IDA or Údarás na Gaeltachta (or be in freight forwarding adjacent to a regional airport) and hold a certificate from the Minister for Enterprise, Trade and Employment.
• The full 100 per cent of qualifying expenditure may be written off through annual writing-down allowances of 4 per cent, an initial allowance of 25 per cent, and free depreciation of up to 50 per cent for owner-occupiers.
• No balancing charge arises more than 13 years after the building was first used or, for refurbishment expenditure, more than 13 years after that expenditure was incurred.