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Finance Act, 2002

Designation of certain areas for rented residential reliefs.

25.—(1) The Urban Renewal Act, 1998 is amended in Part II—

(a) by inserting the following after section 9:

“Designation of certain areas for rented residential reliefs.

9A.—Where, under section 9, the Minister has recommended to the Minister for Finance that he or she make an order under section 372B(1) of the Taxes Consolidation Act, 1997 that a part or parts (in this section referred to as the ‘specified part or parts’), or the whole, of an area to which an integrated area plan relates ought to be a qualifying area for the purposes of section 372AR of that Act, the Minister may further recommend to the Minister for Finance that he or she make an order under the said section 372B(1) that the specified part or parts or any other part or parts of the area concerned ought to be a qualifying area for the purposes of section 372AP of the Taxes Consolidation Act, 1997 in so far as that section relates to one or more of the following:

(a) expenditure on the construction of a house,

(b) conversion expenditure in relation to a house, and

(c) refurbishment expenditure in relation to a house,

notwithstanding that the integrated area plan does not contain or is not accompanied by a recommendation that the specified part or parts, or the other part or parts, of the area to which the plan relates ought to be a qualifying area for the purposes of the said section 372AP in so far as that section relates to one or more of the matters referred to in paragraphs (a), (b) and (c) of this section.”,

and

(b) in section 11, by inserting the following after subsection (1):

“(1A) For the purposes of subsection (1), where the Minister has, under section 9A, recommended to the Minister for Finance that he or she make an order under section 372B(1) of the Taxes Consolidation Act, 1997 that a part of an area to which an integrated area plan relates ought to be a qualifying area for the purposes of section 372AP of that Act, then expenditure referred to in paragraph (a), (b) or (c), as the case may be, of section 9A which is incurred in relation to a house, the site of which is wholly within that part, may be treated as consistent with the objectives of that plan, notwithstanding that the plan did not contain or was not accompanied by a recommendation that such part ought to be a qualifying area for the purposes of the said section 372AP in so far as that section relates to one or more of the matters referred to in paragraphs (a), (b) and (c) of section 9A.”.

(2) The Town Renewal Act, 2000 is amended—

(a) by inserting the following after section 6:

“Designation of certain areas for rented residential reliefs.

6A.—Where, under section 6, the Minister has recommended to the Minister for Finance that he or she make an order under section 372AB(1) of the Act of 1997 that a part or parts of an area to which a town renewal plan relates ought to be a qualifying area for the purposes of section 372AR of that Act, the Minister may further recommend to the Minister for Finance that he or she make an order under the said section 372AB(1) that that part or those parts of the area concerned ought to be a qualifying area for the purposes of section 372AP of the Act of 1997 in so far as that section relates to one or more of the following:

(a) expenditure on the construction of a house,

(b) conversion expenditure in relation to a house, and

(c) refurbishment expenditure in relation to a house,

notwithstanding that the town renewal plan does not contain or is not accompanied by a recommendation or advice that that part or those parts of the area to which the plan relates ought to be a qualifying area for the purposes of the said section 372AP in so far as that section relates to one or more of the matters referred to in paragraphs (a), (b) and (c) of this section.”,

and

(b) in section 7, by inserting the following after subsection (1):

“(1A) For the purposes of subsection (1), where the Minister has, under section 6A, recommended to the Minister for Finance that he or she make an order under section 372AB(1) (inserted by the Finance Act, 2000 ) of the Act of 1997 that a part of an area to which a town renewal plan relates ought to be a qualifying area for the purposes of section 372AP of that Act, then expenditure referred to in paragraph (a), (b) or (c), as the case may be, of section 6A which is incurred in relation to a house, the site of which is wholly within that part, may be treated as consistent with the objectives of that plan, notwithstanding that the plan did not contain or was not accompanied by a recommendation that such part ought to be a qualifying area for the purposes of the said section 372AP in so far as that section relates to one or more of the matters referred to in paragraphs (a), (b) and (c) of section 6A.”.

(3) Subsections (1) and (2) apply as respects expenditure incurred on or in relation to a house, where such expenditure is incurred—

(a) on or after 5 December 2001, or

(b) where subsection (9) or (10) of section 372AP (inserted by this Act) of the Principal Act applies, prior to 5 December 2001, but only if—

(i) a contract for the purchase of the house had not been evidenced in writing by any person prior to that date, but

(ii) a contract for the purchase of the house is evidenced in writing on or before 1 September 2002.