The Revenue issued an eBrief on 18 December reiterating that the ‘15%’ test relates to the degree to which work is carried out on or before 31 December 2006 as opposed to expenditure incurred.

The Finance Act 2006 introduced a new condition for property projects seeking to avail of the extended 31 July 2008 deadline for the various property incentive schemes. The new condition requires that work to the value of at least 15% of the actual construction costs of a particular building or development must have been carried out on or before 31 December 2006. Issue 65 of Tax Briefing (see paragraph 1.02) contains an article on the ‘15%’ test.

eBrief No. 55/2006 is reproduced at Section 2.06.