S.I. No. 244/1993 - Finance Act, 1987 (Designation of Urban Renewal Areas) Order, 1993.

1. This Order may be cited as the

Finance Act, 1987

(Designation of Urban Renewal Areas) Order, 1993.

2. The definition of "designated area" contained in

section 41

of the

Finance Act, 1986

(No. 13 of 1986), shall include each of the areas described in Part II of the Schedule to the

Urban Renewal Act, 1986

(Designated Areas) Order, 1988 (

S.I. No. 92 of 1988

), and the area described in Part II of the Schedule to the

Urban Renewal Act, 1986

(Designated Areas) (No. 2) Order, 1988 (

S.I. No. 287 of 1988

).

3. As respects the areas described as aforesaid, the definition of "qualifying period" in

sections 42

,

44

and

45

of the

Finance Act, 1986

, as amended by

section 30

of the

Finance Act, 1993

(No. 13 of 1993), shall be construed as a reference to the period commencing on the 9th day of July, 1987, and ending on the 30th day of November, 1993

Provided that—

(

a

) in relation to capital expenditure 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 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 9th day of July, 1987, and ending on the 31st day of July, 1994,

(

b

) in relation to qualifying expenditure (within the meaning of the said section 44) incurred on the construction of any qualifying premises (within the meaning aforesaid) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 9th day of July, 1987, and ending on the 31st day of July, 1994, and

(

c

) in relation to a qualifying lease (within the meaning of the said section 45) for any qualifying premises (within the said meaning) the foundation for which was laid in its entirety on or before the 30th day of November, 1993, the said definition in that section shall be construed as a reference to the period commencing on the 9th day of July, 1987, and ending on the 31st day of July, 1994.

4. The

Finance Act, 1987

(Designation of Urban Renewal Areas) Order, 1988 (

S.I. No. 124 of 1988

), and the

Finance Act, 1987

(Designation of Urban Renewal Areas) (No. 2) Order, 1988 (

S.I. No. 313 of 1988

), are hereby revoked.

GIVEN under my Official Seal, this 30th day of August, 1993.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This Order declares certain urban areas to be designated areas 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 the areas, the period of the availability of these incentives, and revokes earlier Orders which have now expired.

S.I. No. 244 of 1993.

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) ORDER, 1993.

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