Vol. 526 No. 6
226 Mr. Wall asked the Minister for Finance if a person, whose application for tax relief under the commercial and residential aspect of the small town renewal scheme is approved by the local authority, may commence the development immediately approval is received; if such a person may claim relief on the commercial aspect of his development if agreement is retrospectively given by the EU; and if he will make a statement on the matter. [27450/00]
Negotiations to secure European Commission approval for the business elements of the town renewal scheme are continuing and it will take some more months before this approval is received. As is the case with similar tax incentive schemes aimed at area renewal, the relief can only be claimed in respect of eligible expenditure incurred during the scheme's qualifying period. This qualifying period for the tax relief for the business elements of the scheme can accordingly only commence when a ministerial order is made after the European Commission approval is obtained. In no circumstances can expenditure incurred on commercial property prior to the approval date be considered eligible for relief under the scheme.
