S.I. No. 55/1996:

ORDER entitled FINANCE ACT, 1994 (DESIGNATION OF URBAN RENEWAL AREAS) ORDER, 1996.

ORDER entitled FINANCE ACT, 1994 (DESIGNATION OF URBAN RENEWAL AREAS) ORDER, 1996.

I, Ruairí Quinn, Minister for Finance, in exercise of the powers conferred on me by section 39 (as amended by section 35 of the Finance Act, 1995 , (No. 8 of 1995)) of the Finance Act, 1994 (No. 13 of 1994), and after consultation with the Minister for the Environment, hereby direct as follows:

1. This Order may be cited as the Finance Act, 1994 (Designation of Urban Renewal Areas) Order, 1996.

2. In this Order "the Act" means the Finance Act, 1994 (No. 13 of 1994).

3. Each of the areas described in

Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) Order, 1995 ( S.I. No. 247 of 1994 ),and

Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) (Cobh) Order, 1995 ( S.I. No. 248 of 1995 )

shall be a designated area for the purposes of Chapter IV of the Act.

4. The definition of "qualifying period" in section 38(1) of the Act shall, as respects the designated areas described in Article 3 of this Order, be construed as a reference to the period commencing on the 1st day of August, 1994, and ending on the 31st day of July, 1997, and accordingly, references in Chapter IV of the Act to the qualifying period shall, as respects the designated areas aforesaid, be construed as references to the period aforesaid.

GIVEN under my Official Seal, this 29th day of February, 1996

Ruairí Quinn

Minister for Finance.

EXPLANATORY NOTE

This Order declares certain areas in Bray, Clonmel, Cobh, Cork, Dublin, Sligo, Tralee and Wexford to be designated areas for the purposes of incentive tax reliefs for urban renewal provided for in the Finance Act, 1994 . The incentives are comprised of capital allowances for commercial buildings, accelerated capital allowances for certain industrial buildings, reliefs for the construction, conversion and refurbishment of rented residential accommodation, owner-occupier allowance for residential premises and double rent allowance for traders in respect of new leases of certain buildings in the designated areas.

In addition, the Order specifies the period in which these tax incentives are available in the designated areas.