Minister for Finance Launches Living City Initiative
The Living City Initiative is a scheme of property tax reliefs applying to Residential and Commercial properties in the historic city areas of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford. The expenditure must be incurred on refurbishment or conversion of a property in a Special Regeneration Area for either use as a sole or primary residence, retailing goods or provision of services in the State. There are two elements to the relief, Residential and Commercial.
The Residential Element allows for 10% of the refurbishment / conversion costs to be offset against the total income of the owner occupier where the property is their sole or main residence. Relief is available at the marginal rate of tax, which excludes relief against PRSI and USC, for a 10 year period. The Commercial Element provides for capital allowances over a seven year period for qualifying expenditure on the refurbishment or conversion subject to a cap of €200,000.
Further information on the scheme, and a map of the special regeneration areas is available on www.finance.gov.ie/living-city-initiative