Taxes Consolidation Act 1997 section 372W

Capital allowances in relation to construction or refurbishment of certain commercial premises

Section 372W provides a scheme of capital allowances for capital expenditure incurred in the qualifying period on the construction or refurbishment of qualifying commercial premises situated within a park and ride facility.

• Qualifying premises must be wholly within a qualifying park and ride facility, certified by the local authority, and used for retailing goods or providing services within the State.
• An initial allowance of 50 per cent and annual writing-down allowances of 4 per cent are available to both owner-occupiers and lessors, with free depreciation of up to 100 per cent available only to owner-occupiers.
• Aggregate commercial and residential expenditure attracting relief at a park and ride facility cannot exceed 50 per cent of the total qualifying expenditure incurred at that facility.
• Property developers are excluded from relief where they hold the relevant interest and either they, or a connected person, incurred the expenditure.