Taxes Consolidation Act 1997 section 349

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

Section 349 gives owner-occupiers an income tax deduction spread over 10 years for money they spend building or refurbishing a home in a designated urban renewal area or fronting a designated street.

• Relief applies to qualifying expenditure on construction or refurbishment of a qualifying premises used as the individual's only or main residence.
• The deduction from total income is 5% per year for construction and 10% per year for refurbishment, available in the year of incurring the expenditure and the 9 following years.
• The dwelling must be in a designated area or front onto a designated street, used solely as a dwelling, and meet floor area limits of 30 to 125 square metres (flats/maisonettes) or 35 to 125 square metres in other cases.
• The section was repealed by section 24(3) Finance Act 2002, but a saving provision in section 372AV preserves existing entitlements.