Vol. 496 No. 6
84 Mrs. Owen asked the Minister for Finance the proposal, if any, he has made, or will support, to give financial assistance through the tax system to companies in order to allow them to make the necessary changes and adjustments and to purchase new equipment where necessary in order to prepare themselves to tackle the millennium bug problem. [21727/98]
There are already adequate reliefs in the tax system for such costs. Where the costs are of a current nature, e.g. repair and maintenance expenditure, they will be deductible in the year in which they are incurred. Capital costs incurred in enhancing a capital asset or acquiring new assets, e.g. new computer software result in identifiable future benefits and qualify for capital allowances at 15 per cent per annum, 10 per cent in year seven. I have no plans to add to these reliefs.
