Property Owners Fail to take Advantage of City Centre Tax Incentive Scheme | Property Owners Insurance

Property Owners Fail to take Advantage of City Centre Tax Incentive Scheme | Property Owners Insurance

Under a government tax incentive scheme to encourage the regeneration of city centres, only 33 residential applicants have expressed an interest so far.

The Living City Initiative was launched in May 2015. The idea was to bring “life back into the heart” of cities by offering tax relief on the refurbishment or conversion of certain buildings.

Eighteen of the applicants are based in Dublin with just just 15 spread across the other five cities. Seven applications have been received from Waterford-based homeowners with four from applicants based in Cork and two each from Galway and Kilkenny. No applications have been received from Limerick.

One of the issues may be that it does not allow Property Owners looking to renovate derelict properties to avail of the scheme. At the moment it only extends to owner occupiers.

As well as the Residential Scheme, there is a Commercial Scheme which allows tax relief over seven years capped at €200,000 per project.

 

Fot the full story in the Irish Examiner go to http://bit.ly/1UGVzTF

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