Taxes Consolidation Act 1997 section 372O

Double rent allowance in respect of rent paid for certain business premises

Section 372O provided for a double rent allowance for tax purposes in respect of rent paid under a bona fide commercial lease by a person carrying on a qualifying trade or profession in a qualifying premises situated in a qualifying rural area.

• Allowed a second deduction equal to the rent already deductible against trading profits.
• Applied only to leases of qualifying premises in designated rural renewal areas.
• The trade or profession had to be one specified by the Minister for Finance by regulation.
• No qualifying trade or profession was ever specified, and the section was repealed by section 24(3) Finance Act 2002.