Taxes Consolidation Act 1997 section 353

Capital allowances in relation to construction or refurbishment of certain commercial premises

Section 353 gives capital allowances for capital spend on building or refurbishing certain commercial premises in qualifying resort areas where those premises are used for registered or approved tourism facilities.

• Applies to commercial premises (not already industrial buildings) wholly within a qualifying resort area and used for qualifying tourism facilities, such as Bord Fáilte registered or listed tourist accommodation.
• Allowances mirror the section 352 hotel regime: a 50% initial allowance and 5% annual writing-down allowance for owner-occupiers and lessors, plus free depreciation of up to 75% for owner-occupiers only.
• Refurbishment expenditure only qualifies where it is at least 20% of the market value of the premises immediately before the work begins.
• If the premises stops being a registered or listed tourism facility within 11 years, a balancing charge claws back all allowances granted; no balancing charge applies after 11 years.