Vol. 549 No. 2
89 Mr. Flood asked the Minister for Finance if he will provide details of the tax breaks and other special developmental incentives given to the Square Centre, Tallaght, Dublin 24; the expiry date for the incentives; and if he will make a statement on the matter. [6239/02]
The Square Centre in Tallaght was included in the area in Tallaght that was designated for the purposes of the 1986 urban renewal scheme in November 1988 by the Minister for the Environment with the consent of the Minister for Finance. Under the 1986 urban renewal scheme capital allowances of 100% was available in the Tallaght designated area in respect of qualifying construction or refurbishment expenditure incurred on qualifying commercial buildings. In the case of lessors of qualifying commercial buildings the relief could be written off at 50% in year one and the remainder at 4% per annum. Owner occupiers of such buildings qualified for a similar level of relief but could also avail of free depreciation of up to 100% in year one, free depreciation allows the owner to defer writing off the year one allowance if they so wish. The scheme also provided for double rent relief for a ten year period to lessees of qualifying commercial properties. In addition, certain premises could also avail of remission from payment of rates on a straight line basis for a ten year period.
Relief was also provided for under this scheme in respect of expenditure incurred on the refurbishment, conversion or construction of residential property. In the case of rented residential property, relief was available against all Irish rental income in respect of 100% of qualifying expenditure incurred on the refurbishment, conversion or construction of qualifying property. Owner occupiers qualified for relief of 50% over ten years against all income in respect of qualifying construction and refurbishment expenditure incurred on qualifying residential property.
