S.I. No. 368/1992:

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) ORDER, 1992.

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) ORDER, 1992.

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) Order, 1992.

2. The definition of "designated area" contained in section 41 of the Finance Act, 1986 (No. 13 of 1986), shall include the area described in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) Order, 1992 ( S.I. No. 342 of 1992 ).

3. In relation to the area described in the said Part II, the definition of "qualifying period" contained in sections 42 , 44 and 45 of the Finance Act, 1986 , as amended by section 29 of the Finance Act, 1992 , shall be construed as a reference to the period commencing on the 18th day of November, 1992, and ending on the 31st day of May, 1993:

Provided that--

( a ) Where capital expenditure is 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 31st day of May, 1993, the said definition in the said section 42 shall be construed as a reference to the period commencing on the 18th day of November, 1992, and ending on the 31st day of May, 1994,

( b ) where qualifying expenditure (within the meaning of the said section 44) is incurred on the construction of any qualifying premises (within the said meaning) the foundation for which was laid in its entirety on or before the 31st day of May, 1993, the said definition in the said section 44 shall be construed as a reference to the period commencing on the 18th day of November, 1992, and ending on the 31st day of May, 1994, and

( c ) in the case of a qualifying lease (within the meaning of the said section 45) in relation to any qualifying premises (within the said meaning) the foundation for which was laid in its entirety on or before the 31st day of May, 1993, the said definition in the said section 45 shall be construed as a reference to the period commencing on the 18th day of November, 1992, and ending on the 31st day of May, 1994.

GIVEN under my Official Seal, this 7th day of December, 1992.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This Order declares a certain area in Tallaght to be a designated area 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 this area, the period of the availability of these incentives.