Taxes Consolidation Act 1997 section 372Y

Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction

Section 372Y provided owner-occupiers with an income tax deduction for construction expenditure on residential accommodation at park and ride facilities, before being repealed and consolidated into Chapter 11 of Part 10 by Finance Act 2002.

• Owner-occupiers could deduct 5% of qualifying construction expenditure from total income for 10 years.
• The dwelling had to sit wholly within a qualifying park and ride facility and have a floor area between 38 and 125 square metres.
• Qualifying expenditure at any one park and ride facility was capped at one-quarter of total capital expenditure on that facility.
• The section was repealed by section 24(3) Finance Act 2002 and its provisions consolidated in Chapter 11 of Part 10.