Taxes Consolidation Act, 1997 (Number 39 of 1997)
316 Interpretation of certain references to expenditure and time when expenditure is incurred.
[ITA67 s241(9A), s251(2), s254(4)(a), s260, s261, s303(1), (2); CTA76 s21(1) and Sch1 par15, par17, par21 and par49; FA96 s132(1) and Sch5 PtI par1(12)(b)]
(1) References in this Part to capital expenditure and capital sums—
(a) in relation to the person incurring the expenditure or paying the sums, do not include any expenditure or sum allowed to be deducted in computing for the purposes of tax the profits or gains of a trade, profession, office or employment carried on or held by that person, and
(b) in relation to the person receiving the amounts expended or the sums in question, do not include references to any amounts or sums which are to be taken into account as receipts in computing the profits or gains of any trade, profession, office or employment carried on or held by that person,
and do not include, in relation to any person referred to in paragraphs (a) and (b), any expenditure or sum in the case of which a deduction of tax is to be or may be made under section 237 or 238.
(2) Any reference in this Part to the date on which expenditure is incurred shall be construed as a reference to the date when the sums in question become payable; but, for the purposes of section 284, this subsection shall apply only in respect of machinery and plant provided for use for the purposes of a trade on or after the 6th day of April 1996.
[1]>
(2A) For the purposes only of determining, in relation to a claim for an allowance under Chapter 1 of this Part, whether and to what extent capital expenditure incurred on the construction (within the meaning of section 270) of:
(a) a building or structure in use for the purposes of the trade of hotel keeping, or
(b) a building or structure deemed to be a building or structure in use for such purposes by virtue of section 268(3),
is incurred or not incurred on or before [2]>31 July 2006<[2][2]>31 July 2008<[2], only such an amount of that capital expenditure as is properly attributable to work on the construction or refurbishment of the building or structure actually carried out on or before [2]>31 July 2006<[2][2]>31 July 2008<[2] shall (notwithstanding subsection (2) and any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred on or before that date.
<[1]
[3]>
(2B) For the purposes only of determining, in relation to a claim for an allowance under this Part, whether and to what extent capital expenditure incurred on the construction or refurbishment of a building or structure referred to in paragraph (a), (b), (c), (d), (e), (f), (g), (h) or (i) of section 270(4) (as inserted by the Finance Act 2006) is incurred or not incurred in—
(a) (i) where section 270(4)(i) applies, the period from 1 January 2006 to 24 March 2007, and
(ii) in any other case, the period from 1 January 2006 to 31 December 2006,
(b) (i) where section 270(4)(i) applies, the period from 25 March 2007 to 31 December 2007, and
(ii) in any other case, the period from 1 January 2007 to 31 December 2007,
[4]>
or
<[4]
(c) the period from 1 January 2008 to [5]>31 July 2008,<[5][5]>31 July 2008, or<[5]
[6]>
(d) where subsection (8) of section 270 applies in relation to a qualifying residential unit as is referred to in subsection (4)(i) of that section, the period from 1 May 2007 to 30 April 2010,
<[6]
only such an amount of that capital expenditure as is properly attributable to work on the construction or refurbishment of the building or structure actually carried out in such a period shall (notwithstanding subsection (2) and any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred in that period.
<[3]
[7]>
(2C) For the purposes only of determining, in relation to a claim for an allowance under this Part, whether and to what extent capital expenditure incurred on the construction or refurbishment of a building or structure referred to in [8]>paragraphs (g), (i), (j) or (l) of section 268(1) is incurred or not incurred in any of the periods referred to in paragraphs (d), (f), (g) and (i) of section 268(9),<[8][8]>paragraph (g), (i), (j), (l) or (n) of section 268(1) is incurred or not incurred in any of the periods referred to in paragraph (d), (f), (g), (i) or (k) of section 268(9),<[8] only such an amount of that capital expenditure as is properly attributable to work on the construction or refurbishment of the building or structure actually carried out in any such period shall (notwithstanding subsection (2) and any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred within that period.
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(3) For the purposes of sections 271 and 283, any expenditure incurred for the purposes of a trade by a person about to carry on the trade shall be treated as if it had been incurred by that person on the first day on which that person carries on the trade.
[2]
Substituted by FA06 s26(1)(b)(i). With effect from 26 June 2006 as per S.I. No 322 of 2006.
[4]
Deleted by FA07 s28(1)(e)(i). Applies as respects capital expenditure incurred on or after 1 May 2007 under a contract or agreement for the construction, refurbishment or development of a qualifying residential unit which is entered into on or after that date.
[5]
Substituted by FA07 s28(1)(e)(i). Applies as respects capital expenditure incurred on or after 1 May 2007 under a contract or agreement for the construction, refurbishment or development of a qualifying residential unit which is entered into on or after that date.
[6]
Inserted by FA07 s28(1)(e)(ii). Applies as respects capital expenditure incurred on or after 1 May 2007 under a contract or agreement for the construction, refurbishment or development of a qualifying residential unit which is entered into on or after that date.
[7]
Inserted by FA09 s8(e). This section is deemed to have come into force and takes effect as on and from 1 January 2009.