97A Pre-letting expenditure in respect of vacant premises

(1) In this section—

“specified day” means the day falling on or after the date of the passing of the Finance Act 2017 on which a vacant premises is first let as a residential premises after the end of the period during which it is not occupied;

“specified period”, in relation to a vacant premises, means the period of 12 months ending the day before the specified day;

“vacant premises” means any premises that is not occupied for the entire of the period of 12 months immediately before the specified day.

(2) Subject to subsection (3), this section shall apply to expenditure incurred by the person chargeable on or before 31 December 2021 on a vacant premises.

(3) Notwithstanding section 105 and subject to subsections (4) and (5), where a person incurs expenditure on a vacant premises during the specified period and such expenditure is, apart from this section, not authorised as a deduction under section 97(2) in computing a surplus or deficiency for the purposes of Case V of Schedule D in respect of that premises but would have been so authorised under section 97(2) if it had been incurred on or after the specified day then the expenditure shall be treated for that purpose as having been incurred on the specified day.

(4) The deduction authorised by subsection (3) shall not exceed €5,000 in respect of each vacant premises.

(5) Where a deduction has been authorised under this section and the person referred to in subsection (3) ceases to let the premises concerned as a residential premises within a period of 4 years beginning on the specified day then—

(a) an amount equal to the deduction shall be deemed to be profits or gains computed under section 97(1) in the year of assessment in which that person ceases to let the premises concerned as a rented residential premises, and

(b) assessments shall, as necessary, be made or amended to give effect to this subsection.

(6) An allowance or deduction in relation to a vacant premises shall not be made under any provision of the Tax Acts other than this section in respect of any expenditure treated under this section as incurred on the specified day.