Taxes Consolidation Act 1997 section 372AY

Capital allowances in relation to the construction or refurbishment of certain tourism infrastructure facilities

Section 372AY provides accelerated capital allowances for capital expenditure on qualifying tourism infrastructure facilities located in the mid-Shannon region.

• A "qualifying premises" must be sited wholly within a qualifying mid-Shannon area, used for a qualifying tourism infrastructure facility, and must not otherwise qualify for industrial buildings allowances under section 268.
• The premises must not include a licensed pub or any gambling facility; relevant data on expenditure, investors and investment structures must be submitted to the mid-Shannon Tourism Infrastructure Board.
• The Board must issue a written certificate confirming that all conditions are met, the date of first use, and compliance with the relevant guidelines before allowances can be claimed.
• The allowance is 15% per annum (writing-down life of approximately seven years), with a 15-year tax life and holding period; refurbishment expenditure must equal at least 20% of the pre-refurbishment market value of the premises.