Revenue Note for Guidance

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Revenue Note for Guidance

372AU Saver for relief due, and for clawback of relief given under, old schemes

Summary

This section contains a saving provision in relation to the legislation, repealed by section 24(3) of the Finance Act 2002, which dealt with residential reliefs (both rented residential and owner-occupier relief) under a number of old schemes. This saving provision preserves title to the relief for existing beneficiaries and Revenue’s right to withdraw relief in appropriate circumstances.

Details

Rented residential relief

(1) A saving provision is provided for in relation to sections of the Taxes Consolidation Act 1997, dealing with rented residential reliefs under a number of old schemes, which were repealed by section 24(3) of the Finance Act 2002. These are sections 325, 326 and 327 (Customs House Docks Area Scheme), sections 334, 335 and 336 (Temple Bar Area Scheme), sections 346, 347 and 348 (1994 scheme for Designated Areas and Streets), sections 356, 357 and 358 (Qualifying Resort Areas Scheme) and sections 361, 362 and 363 (Designated Islands Scheme).

Where a person would, but for the repealed section, be entitled to a deduction or be deemed to have received an amount as rent, for the purposes of computing rental profits from any premises then, notwithstanding that repeal, the person is entitled to that deduction or is deemed to have received that amount as rent under this Chapter.

Owner-occupier relief

(2) A saving provision is also provided for in relation to sections of the Taxes Consolidation Act 1997, dealing with residential owner-occupier reliefs under a number of old schemes, which were repealed by section 24(3) of the Finance Act 2002. The sections involved are section 328 (Customs House Docks Area Scheme), section 337 (Temple Bar Area Scheme), section 349 (1994 scheme for Designated Areas and Streets) and section 364 (Designated Islands Scheme).

Where a person would, but for the repealed section, be entitled to a deduction for a year of assessment in computing his or her total income then, notwithstanding that repeal, the person is entitled to that deduction under this Chapter.

Relevant Date: Finance Act 2020