Taxes Consolidation Act 1997 section 371

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

Section 371 provided owner-occupier income tax relief for expenditure on the construction or refurbishment of a qualifying dwelling within the Dublin Docklands Area scheme.

• Relief was given to an individual who incurred qualifying expenditure on a qualifying premises and used it as their only or main residence.
• Construction expenditure attracted a deduction of 5% per year; refurbishment expenditure attracted 10% per year, in each case for the year the expenditure was incurred and the following nine years of assessment.
• The qualifying premises had to be a house wholly within a qualifying area, used solely as a dwelling, with a total floor area between 38 and 125 square metres.
• The scheme was never commenced, no areas were ever designated, and section 371 was repealed by section 24(3)(e) of the Finance Act 2002.