S.I. No. 459 of 2002

Finance Act 2002 (Commencement of Paragraphs (b), (c)(i) and (d) of Section 23(1)) Order 2002

Made by the Minister for Finance

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 23(2)(a) of the Finance Act 2002 ( No. 5 of 2002 ), hereby order as follows:

1.   This Order may be cited as the Finance Act 2002 (Commencement of Paragraphs (b), (c)(i) and (d) of Section 23(1)) Order 2002.

2.   The 10th day of September 2002 is appointed as the day on which paragraphs (b), (c)(i) and (d) of section 23(1) of the Finance Act 2002 ( No. 5 of 2002 ) comes into operation.

Explanatory Note

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

This Order appoints 10 September, 2002 as the date for the coming into operation of paragraphs (b), (c)(i) and (d) of section 23(1) of the Finance Act 2002 ( No. 5 of 2002 ). The provisions in question provide for an extension of the qualifying period for the incentives available in areas designated under the Urban and Rural Renewal Schemes 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 2002 to 31 December 2004, where the relevant local authority certifies by 30 April 2003 that not less than 15% of the total cost of constructing or refurbishing the premises has been incurred by 31 December 2002. In the case of the Rural Renewal Scheme, there is a straight 2 year extension of the qualifying period from 31 December 2002 to 31 December 2004.