AI Summary of 843B. Capital allowances for buildings used for the purposes of providing childcare services or a fitness centre to employees
This legislation defines key terms relevant to the provision of childcare services and fitness centres, specifying the conditions under which employers may incur qualifying expenditure for constructing dedicated premises for these purposes. Notably, qualifying premises must exclusively serve employees and comply with the Child Care Act 1991 (Early Years Services) Regulations 2016.
The provisions ensure that tax allowances align with the intended use of the premises, stipulating higher allowances and a distinct 7-year timeframe for capital expenditure. Importantly, no balancing allowances will occur past this period, and dual relief under other tax provisions is prohibited.
843B. Capital allowances for buildings used for the purposes of providing childcare services or a fitness centre to employees
(1) In this section -
'childcare services' means any form of childminding services or supervised activities to care for children, whether or not provided on a regular basis, in respect of which it can be shown that the applicable requirements of the Child Care Act 1991 (Early Years Services) Regulations 2016 (S.I. No. 221 of 2016) have been complied with;
'construction' has the same meaning as it has in section 270;
'fitness centre' means a gymnasium used exclusively in providing a range of facilities designed to improve and maintain the physical fitness and health of participants;
'qualifying expenditure' means expenditure incurred by an employer, carrying on a trade or a profession, on the construction of a qualifying premises;
'qualifying premises' means a building or structure which is in use for the purposes of providing childcare services or the facilities of a fitness centre to employees of the employer, referred to in the immediately preceding definition, which is not accessible nor available for use by the general public and, where that employer is a company, where the employees are employees of that company or of a company connected with that company.