S.I. No. 65/1999 - Finance Act, 1998 (Section 62) (Commencement) Order, 1999.

1. This Order may be cited as the Finance Act, 1998 (Section 62) (Commencement) Order, 1999.

2. The 18th day of March, 1999, is hereby appointed as the day on which

section 62

of the

Finance Act, 1998

(No. 3 of 1998) shall come into operation.

GIVEN under my Official Seal, this 11th day of March, 1999.

CHARLIE McCREEVY,

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 the 18th day of March, 1999 as the date for the coming into operation of

section 62

of the

Finance Act, 1998

. This section inserts a new section 486B to the

Taxes Consolidation Act, 1997

. It provides tax relief for corporate investment in certain renewable energy projects, including those successful in the Third Alternative Energy Requirement competition (AERIII-1997). To qualify for the relief the energy project must be in the solar, wind, hydro or biomass technology categories, and be approved by the Minister for Public Enterprise. The relief is capped at the lesser 50 per cent of all capital expenditure or £7.5 million for a single project. Investment by a company or group is capped at £10 million per annum, and unless the shares are held for at least 5 years by the company the relief will be withdrawn. The relief will be available for a period of 3 years from the commencement date.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by

section 62

(2) of the

Finance Act, 1998

(No. 3 of 1998), hereby order as follows