Taxes Consolidation Act 1997 section 369

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

Section 369 provided capital allowances for capital expenditure incurred on the construction or refurbishment of certain commercial premises located within qualifying areas designated under the Dublin Docklands Area renewal scheme.

• Qualifying premises were commercial buildings (including qualifying multi-storey car parks) situated wholly within a qualifying area and either used in a trade or profession or let on bona fide commercial terms.
• A 50% industrial building (initial) allowance was available on qualifying capital expenditure, with the premises treated as an industrial building for the purposes of the capital allowances code.
• Refurbishment expenditure only qualified where it amounted to at least 10% of the market value of the premises immediately before the work was carried out.
• The scheme was never commenced, no qualifying areas were ever designated, and the entire Chapter was repealed by section 24(3)(e) Finance Act 2002.