Taxes Consolidation Act 1997 section 360

Interpretation (Chapter 5)

Section 360 provides the definitions and interpretive rules for the now-terminated tax relief scheme aimed at encouraging the construction and refurbishment of residential accommodation on certain offshore islands.

• Lists 23 designated islands off the coasts of Cork, Donegal, Galway, Limerick, Mayo and Sligo as the geographical scope of the scheme.
• Sets the qualifying period from 1 August 1996 to 31 July 1999 (extendable to 31 December 1999 where at least 15% of project costs were incurred by end-July 1999).
• Defines key terms including "certificate of reasonable cost", "house", "market value", "qualifying period" and "total floor area".
• Treats "construction", "conversion" and "refurbishment" broadly to include site clearance, services, landscaping and ancillary works.