S.I. No. 323/2006 - Finance Act 2006 (Commencement of Section 27(1)) Order 2006

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(1)) Order 2006 S.I. No. 323/2006 - Finance Act 2006 (Commencement of Section 27

(1)) Order 2006 AmendmentsLeasuithe I, Brian Cowen, Minister for Finance, in exercise of the powers conferred on me by section 27

(2)of the Finance Act 2006 (No. 6 of 2006), hereby order as follows: 1. This Order may be cited as the Finance Act 2006 (Commencement of Section 27

(1)) Order

2. The 26 of June 2006 is appointed as the day on which section 27 of the Finance Act 2006 (No. 6 of 2006) comes into operation. GIVEN under my Official Seal, 26th June
3. Brian Cowen Minister for Finance. Explanatory Note (This note is not part of the Instrument and does not purport to be a legal interpretation.) This Order appoints 26 June, 2006 as the date for the coming into operation of section 27 (1 of the Finance Act 2006 (No. 6 of 2006). That section allows, subject to certain conditions for an extension of the qualifying period from 31 July 2006 to 31 July 2008 for the scheme of capital allowances for holiday cottages and for a similar extension to the date by which the rate of capital allowances for expenditure incurred on the construction or refurbishment of holiday camps and hotels changes from 15 per cent per annum to 4 per cent annum. The section provides for the following. Firstly, that expenditure incurred after 31 July 2006 and before 1 January 2007 can qualify for relief under the present regime where the existing 31 December 2004 planning application deadline has been satisfied. Secondly, that expenditure incurred from 1 January 2007 to 31 July 2008 can also qualify for relief under the present regime where, in addition to satisfying the planning application condition, a binding contract in relation to the construction or refurbishment is in place by 31 July 2006 and work to the value of at least 15 per cent of the actual construction or refurbishment costs is carried out by 31 December
4. By virtue of the provisions of section 26 of the Finance Act 2006 the amount of any capital expenditure attributable to the year 2007 and to the period 1 January 2008 to 31 July 2008 is subject to the respective reductions to 75 per cent and 50 per cent of the relevant amount for the period involved. Additionally, local authority certification is required in respect of the condition that work to the value of at least 15 per cent of construction or refurbishment costs is carried out by 31 December
5. Such certification must include details of actual expenditure incurred to 31 December 2006 and of projected expenditure post 31 December
6. This latter amount will apply as a cap in relation to the amount of expenditure incurred in the period 1 January 2007 to 31 July 2008 which may be taken into account in calculating capital allowances and that cap will apply prior to the application of the 75 per cent and 50 per cent restrictions. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais