Taxes Consolidation Act 1997 section 372K

[Non-application of relief in certain cases and provision against double relief]

Section 372K denies the urban renewal capital allowances available under sections 372C and 372D in specified circumstances and prevents the same expenditure attracting relief twice.

• Property developers (or persons connected with them) cannot claim relief on construction or refurbishment expenditure they incurred themselves.
• Expenditure met by State grant assistance is excluded, unless the relevant interest is held by a micro, small or medium-sized enterprise.
• Owner-operators trading wholly or mainly in agriculture, coal, fishing, motor vehicles, transport, steel, shipbuilding, synthetic fibres or financial services are excluded — but lessors in those sectors are not.
• Large projects within the EU Multisectoral framework require prior Commission approval; floor area apportionment applies to buildings straddling the qualifying boundary; and no expenditure relieved under this Chapter can be relieved again under any other provision of the Tax Acts.