Taxes Consolidation Act 1997 section 372AZ

Restrictions on relief, non-application of relief in certain cases and provision against double relief

Section 372AZ sets out restrictions on the availability of capital allowances under the mid-Shannon Tourism Infrastructure Scheme and provides for reduced levels of qualifying expenditure in certain cases.

• Relief under the holiday camp allowance (section 372AX) and the tourist facility allowance (section 372AY) is denied where the property is held by a property developer or a connected person, where any part of the expenditure is State-funded, where EU Regional Aid requirements are not met, or where the claimant is subject to an outstanding EU recovery order.
• Where relief is given under section 372AX or 372AY, no relief may be claimed under any other provision of the Tax Acts in respect of the same expenditure.
• For accommodation buildings, qualifying expenditure is capped at the amount certified by the mid-Shannon Tourism Infrastructure Board; for buildings in the Clare or Tipperary mid-Shannon areas, qualifying expenditure is further reduced to 80% of the amount that would otherwise qualify.
• The industrial building allowance rules are adjusted so that all references to capital expenditure are read as references to expenditure as reduced under these provisions, including the special rules for purchasers of buildings under section 279.

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