Capital Allowances - urban renewal
20/01/1998
Query
Where there is a mix of residential and commercial units in a building, in an Urban Renewal Area, does the 10% rule in relation to offices apply to the total expenditure on commercial premises only or to the whole building, including the residential units.
Decision
Where the capital expenditure incurred on the provision of office accommodation in the qualifying period is not more than 10% of the capital expenditure incurred in that period on the entirety of the building or structure housing the office accommodation, the office will be regarded as a qualifying premises for the purposes of Section 342(1) Taxes Consolidation Act 1997.
Income Tax
Section 342, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:983002