Temple Bar - Owner Occupiers
27/01/1992
Query
Where an owner-occupied property is refurbished over two or three years and the total refurbishment expenditure exceeds the purchase price is the 'uplift' due?
Decision
To qualify for the "uplift" in Temple Bar it is not necessary that the entire refurbishment expenditure be incurred in the year of purchase. However, the "uplift" will not arise until the required amount of refurbishment expenditure has been incurred, and relief will only be given for the year in which that amount is equalled or exceeded, and for each of the nine following years, if appropriate.
Income Tax
Section 337, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT923004