S.I. No. 124/2004 - Finance Act 2001 (Commencement of Section 52) Order 2004

1. This Order may be cited as the Finance Act 2001 (Commencement of Section 52) Order 2004.

2. The 24th day of March, 2004, is appointed as the day on which

section 52

of the

Finance Act 2001

(No. 7 of 2001) comes into operation.

GIVEN under my Official Seal, this 24th day of March, 2004.

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 24th March, 2004 as the date for the coming into operation of

section 52

of the

Finance Act, 2001

. That section provides for a three year extension to 3 September 2004 of the scheme of capital allowances in respect of capital expenditure incurred on whitefish fishing boats. The scheme provides that for expenditure incurred on or after March, a 50% allowance will be available in year one. For each of the remaining five years, the balance will be written off at 20% per annum. The section also continues for a further three year period the exemption for corporate lessors of qualifying fishing boats from the normal ringfence provisions applying to capital allowances claimed by lessors in respect of plant and machinery.

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

section 52

(3) of the

Finance Act 2001

(No. 7 of 2001), hereby order as follows