This article is from page 87 of the 2009-05-12 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 87 JPG
THE legislation implementing the changes announced in the sup- plementary budget published last Thursday included an extension to the deadlines for tourism projects in the Shannon Region which was not included in Finance Minister Brian
Lenihan’s budget speech last month.
The Shannon Corridor Scheme was introduced in 2007 to provide tax re- lief for expenditure on certain tour- ism facilities in the Mid-Shannon area. Projects had to be submitted for approval by May 31 and had to have a planning application submit- orem ae elo OF
The May 31 deadline has been pushed out to May 31, 2010. In addi- tion, the time frame in which the ex- penditure must be incurred has been extended to May 31, 2013.
The scheme, designed to act as an incentive for both new development and refurbishment of tourism infra- structure in Clare, Galway, Tipperary,
Offaly, Westmeath and Roscommon, applies to tourism buildings such as facilities for watersports, boat rental and inland cruising, health spas, equestrian and other facilities.
Jackie Masterson, Taxation Partner with Russell Brennan Keane said that while they had met with a number of parties interested in the scheme, the deadline was proving prohibitive in the current climate and the one year extension was very welcome.
“Successful applicants have the op- tion of claiming the tax allowances themselves as a means of reducing their own tax bill annually or can use the incentive as a means of financing their project. “However difficulties in attracting investors will still re- main a challenge’, she said.
The Clare district electoral divi- sions that qualify under the scheme include Ayle, Ballynahinch, Boher- glass, Caherhurley, Cappaghabaun, Carrowbaun, Cloonusker, Coolreagh, Corlea, Derrynagittagh, Drummaan, Fahymore, Feakle, Inishcaltra North, Inishcaltra South, Killaloe, Kullo- kennedy, Killuran, Kilseily, Lack- areagh, Loughea, Mountshannon, O’Briensbridge, Ogonnelloe and Scarriff.