S.I. No. 642/2004 - Finance Act 2004 (Section 26) (Commencement of Certain Provisions) Order 2004

S.I. No. 642 of 2004

Finance Act 2004 (Section 26) (Commencement of Certain Provisions) Order 2004

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 26(2)(a) of the Finance Act 2004 (No. 8 of 2004), hereby order as follows:

1.   This Order may be cited as the Finance Act 2004 (Section 26) (Commencement of Certain Provisions Order) 2004.

2.   The 24th day of September 2004 is appointed as the day on which paragraphs (b)(i)(I), (b)(i)(II), (b)(ii), (c)(i), (d)(ii) and (e) of section 26(1) of the Finance Act 2004 (No. 8 of 2004) come into operation.

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order appoints 24th September, 2004 as the date for the coming into operation of paragraphs (b)(i)(I), (b)(i)(II), (b)(ii), (c)(i), (d)(ii) and (e) of section 26(1) of the Finance Act 2004 (No. 8 of 2004). The provisions in question allow for an extension of the qualifying period for the incentives available in areas designated under the Urban Renewal Scheme, the Living over the Shop Scheme and the Rural Renewal Scheme in respect of capital expenditure incurred on the construction or refurbishment of commercial and industrial premises.

In the case of the Urban Renewal Scheme, the qualifying period is extended from 31 December 2004 to 31 July 2006, where the relevant local authority has certified by 30 September 2003 that not less than 15% of the total cost of constructing or refurbishing the premises has been incurred by 30 June 2003.

In the case of the Rural Renewal Scheme, and the Living over the Shop Scheme the qualifying period is extended where a full and valid planning application is received by a planning authority by 31 December 2004. Where the work involved is exempted development for the purposes of the Planning and Development Act 2000 , the extension to 31 July 2006 may similarly apply where the following conditions are met by 31 December 2004: a detailed plan in relation to the development work is prepared, a binding contract in writing exists under which the expenditure is incurred, and work to the value of 5% of the development costs is carried out.