Vol. 555 No. 5
188 Mr. Fleming asked the Minister for Finance the key dates and requirements under the 2000 town renewal scheme, indicating the qualifying dates for expenditure under the scheme and relevant percentages which have to be incurred by the relevant dates in respect of commercial, industrial and residential incentives; and the dates for the conclusion of this scheme. [19319/02]
The areas selected for tax relief under the town renewal scheme were announced by the Minister for Housing and Urban Renewal on 24 July 2000 and the residential elements of the scheme were introduced with effect from that date. The reliefs available under the scheme in respect of certain commercial and industrial buildings were subject to European Commission approval in the context of State aids. Agreement to proceed with these reliefs was secured in 2001 and provision was made in the 2001 Finance Act for the introduction of the commercial and industrial reliefs, subject to certain conditions, with effect from 6 April 2001. The scheme was due to terminate on 31 March 2003 but the 2001 Finance Act also provided for an extension of the deadline of the scheme to 31 December 2003.
In addition, section 25 of the 2002 Finance Act amended both the urban renewal Act and the town renewal Act to enable the Minister for the Environment and Local Government to recommend to the Minister for Finance the designation of additional areas or sites for rented residential relief in certain cases where such areas or sites were originally recommended for owner occupier relief only. This amendment applies to expenditure incurred on or after 5 December 2001. In cases where expenditure was incurred prior to 5 December 2001 this extended relief is available where a contract for the purchase of a residential unit was evidenced in writing between 5 December 2001 and 1 September 2002.
