Taxes Consolidation Act 1997 section 372AAC

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

Section 372AAC provides accelerated capital allowances for the conversion or refurbishment of commercial premises located within a special regeneration area under the Living City Initiative.

• A qualifying premises is a building within a special regeneration area that is not already an industrial building, used for retail or service purposes or let for such use on arm's length commercial terms, and not including any part of a dwelling.
• Qualifying expenditure is capital expenditure on conversion or refurbishment in the qualifying period, reduced by any State or local authority grants; for expenditure incurred before 1 January 2026 the writing-down allowance is 15% per annum over a 7-year tax life, rising to 50% per annum over a 10-year tax life for expenditure incurred on or after that date.
• Qualifying expenditure must exceed €5,000 and total relief is capped at the EU de minimis ceiling of €300,000 per single undertaking in any rolling three-year period from all sources.
• Before the first claim the claimant must submit specified information to Revenue electronically; relief cannot be claimed under any other provision of the Tax Acts for the same expenditure.

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