Taxes Consolidation Act 1997 section 352

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

Section 352 provides a special accelerated capital allowances regime for capital expenditure incurred in the qualifying period on the construction or refurbishment of hotels, holiday camps and registered holiday cottages situated within qualifying resort areas.

• Applies to hotels, holiday camps and Bord Fáilte registered holiday cottages situated wholly within a qualifying resort area.
• An industrial building (initial) allowance of 50% is available to both owner-occupiers and lessors.
• Annual writing-down allowances of 5% apply; accelerated writing-down (free depreciation) of up to 75% in aggregate is available only to owner-occupiers.
• For refurbishment, the expenditure must equal at least 20% of the market value of the building immediately before refurbishment.