News Release -
Mid Shannon Tourism Investment Scheme Board pleased with level of interest
The new Mid Shannon Tourism Board, appointed by the Taoiseach, met in the Shannon Region for the first time today (Tuesday 2nd September ’08) at the Lakeside Hotel in Killaloe/Ballina and expressed their satisfaction with the level of interest shown by potential developers in the scheme. Launched by An Taoiseach, Mr. Brian Cowen TD., on 27th June ’08, the new tax relief scheme offers a unique opportunity for tax-incentivised investment in a range of tourism products in areas adjacent to the middle and lower reach of the River Shannon, which in the Shannon Region includes counties Clare, Tipperary, and Offaly. Other counties included in the Scheme are: Galway, Westmeath and Roscommon.
During their meeting the Board received a special progress briefing from Shannon Development who are administering the scheme in the Shannon Region. The Board comprises Galway financier Tom Hyland as chairman, Dublin-based financier Frank Hussey, John King and Joan Reynolds, both of Shannon Development, Paul Keeley of Fáilte Ireland and Kevin Kidney Secretary of the Board. The Board was established to make decisions on approval and certification of construction and refurbishment of buildings or structures under the scheme.
“We are delighted to be involved in a project which has the potential to deliver key investment for the Lough Derg and mid/lower Shannon Corridor. We are delighted that the Board has met in our Region, and to have had the opportunity to appraise them of projects and proposals we’ve received to-date. A number of information seminars on the Scheme have been already taken place in Birr and Ballina, and further sessions are planned in Ennis (Wednesday 3rd September at 9.30 am in the Shannon Development Information Age Park, Ennis), Nenagh (Tuesday 9th September at 7.30 pm in the Abbey Court Hotel) and Limerick (Tuesday 23rd September at 9.30 am in the Clarion Hotel, Steamboat Quay, Limerick). And even at this early stage the level of interest in the Scheme is high,” said Vincent Cunnane, Chief Executive, Shannon Development.
The Scheme is being managed by Shannon Development and Fáilte Ireland. Projects eligible under the new scheme include; education tourism facilities, visitor attractions, cultural facilities, wellness and self development facilities and amenities, facilities for water-sports activities, outdoor activity centres, equestrian facilities, certain restaurants and cafés, boat rental and inland cruising facilities, training facilities for adventure centres and registered holiday camps. They can be new projects or refurbishment to existing ones.
Relief is available by way of capital allowances over 7 years for qualifying construction and refurbishment expenditure. Capital allowance will be granted at a rate of 15% per year for the first 6 years and 10% for the 7th year. The qualifying period of the scheme is 3 years, but applications must be made within one year of the start of the Scheme.
Reviewing progress is the Board of the Mid Shannon Tourism Investment Scheme (Left to right: John Crowe, John King and Joan Reynolds, Shannon Development; Tom Hyland Chairman of the Board and Galway financier; Frank Hussey, Dublin based financier; Paul Keeley, Failte Ireland and Kevin Kidney Secretary of the Board.
End
For further information please contact:
Nandi O’Sullivan
Public Relations Manager
Tel: +353 61 710259
Mobile: +353 86-2371510
Fax: 061 363180
E-mail: Click Here