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S.I. No. 245/1993 - Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1993.

S.I. No. 245 of 1993.

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) (NO. 2) ORDER, 1993.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Finance Act, 1987 (No. 10 of 1987), as amended by section 30 of the Finance Act, 1992 (No. 9 of 1992), and after consultation with the Minister for the Environment, hereby, by this Order, direct as follows:

1. This Order may be cited as the Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1993.

2. The definition of "designated area" contained in section 41 of the Finance Act, 1986 (No. 13 of 1986), shall include each of the areas described in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) Order, 1990 ( S.I. No. 204 of 1990 ), and in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) (No. 2) Order, 1990 ( S.I. No. 289 of 1990 ).

3. As respects the areas described as aforesaid, the definition of "qualifying period" in sections 42 , 44 and 45 of the Finance Act, 1986 , as amended by section 30 of the Finance Act, 1993 (No. 13 of 1993), shall be construed as a reference to the period commencing on the 1st day of May, 1990, and ending on the 30th day of November, 1993:

Provided that—

( a ) in relation to capital expenditure incurred on the construction of any qualifying premises (within the meaning of the said section 42) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 1st day of May, 1990, and ending on the 31st day of July, 1994,

( b ) in relation to qualifying expenditure (within the meaning of the said section 44) incurred on the construction of any qualifying premises (within the meaning aforesaid) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 1st day of May, 1990, and ending on the 31st day of July, 1994, and

( c ) in relation to a qualifying lease (within the meaning of the said section 45) of any qualifying premises (within the said meaning) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 1st day of May, 1990, and ending on the 31st day of July, 1994.

4. The Finance Act, 1987 (Designation of Urban Renewal Areas) Order, 1990 ( S.I. No. 206 of 1990 ), and the Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1990 ( S.I. No. 315 of 1990 ), are hereby revoked.

GIVEN under my Official Seal, this 30th day of August, 1993.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This Order declares certain urban areas to be designated areas for the purposes of incentive tax reliefs for urban renewal provided for in the Finance Act, 1986 , comprising of capital allowances for commercial buildings, owner-occupier allowance and double rent allowance. The Order also prescribes, in relation to the areas, the period of the availability of these incentives, and revokes earlier Orders which have now expired.