Taxes Consolidation Act 1997 section 372C

Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures

Section 372C provides accelerated capital allowances for capital expenditure incurred on the construction or refurbishment of certain industrial buildings or structures located in designated qualifying urban renewal areas.

• The building must be an industrial building (such as a mill or factory) wholly situated in a qualifying area and used for the purposes of a trade.
• An initial allowance of 50 per cent is available to both owner-occupiers and lessors, with the balance written off at 4 per cent per annum.
• Owner-occupiers may instead claim free depreciation of up to 50 per cent; lessors cannot claim free depreciation.
• Refurbishment expenditure only qualifies where it is at least 10 per cent of the building's market value immediately before the work.