Taxes Consolidation Act 1997 section 344

Capital allowances in relation to construction or refurbishment of certain multi-storey car parks

Section 344 provides capital allowances for capital expenditure incurred on the construction or refurbishment of certain multi-storey car parks that meet specified conditions and are certified by the relevant local authority.

• Applies to multi-storey car parks of two or more storeys, open to the public generally on payment of a charge
• The relevant local authority must certify that the car park has been developed in accordance with ministerial criteria
• Qualifying period originally 1 July 1995 to 30 June 1998, extended in stages to 31 July 2008 for car parks outside Cork and Dublin
• Treats a qualifying car park as an industrial building, opening access to writing-down allowances, an initial allowance, and free depreciation