Revenue Note for Guidance
835AAA Long-term public infrastructure projects
Section 835AAA provides rules pertaining to long-term public infrastructure projects.
(1) Provides that the Minister for Finance, in consultation with the Minister for Public Expenditure and Reform, may make regulations to specify an asset as a large-scale asset, but only where —
- specifying the asset would not give rise to a breach of State Aid rules,
- the purpose of the asset is to enhance the general public interest,
- it is in the public interest to so specify the asset, and
- the financing arrangements of the project present special features which justify the specification.
(2) Provides that in determining whether it is in the public interest to specify as asset as a large-scale asset the Minister will have regard to whether —
- the asset concerned would be likely to be provided, upgraded, operated, or maintained in the absence of such specification,
- specifying the asset concerned would distort fair competition, and
- specifying the asset would give rise to a loss of Exchequer income, and whether the public benefit of specifying the asset outweighs any such loss.
Relevant Date: Finance Act 2021