Section 23 - Failte Ireland registration mandatory for allowances?

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snowdrop

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hi
I'm on the company board of a mixed private and section 23 holiday home development. We've just been warned that the TAMS rating agency are going to advise that our failte ireland 4 star registration be cancelled / withdrawn.

An onerous list has been supplied. Some will be dealt with in the course of normal operations and the houses are generally in good repair but TAMS want them to appear brand new all the time despite 8 years operation.

The board has no funds to complete the requirements - the site does not currently pay for itself; lettings are poor and the net income to the operating company insufficient. There are two letting operators on the site but competitive pressure means very low price paid per letting. the individual investors have seen no net income distributed for six years.

The question: can anyone advise if it is a mandatory requirement to be failte ireland registered in order to maintain / protect the S23 allowances?

Can we be unrated?

I see nothing on the revenue website or the general info S23 pdf from them to indicate that registration / allowances go hand in hand.

Any info would be appreciated, I also intend to ring revenue after 2pm, they were closed when i rang at 12.45.
 
Last edited:
update: revenue office couldn't tell me.
told me to send email to the district inspector.
 
update: final advice from revenue

mandatory to be registered with bord failte.

star rating however is irrelevant - do not have to maintain star rating and big difference betweeen 1 and 4 in terms of requirement.
 
Does this have to be registration with a group or as individual houses?

I am caught with a management company that is supposedly not washing its face but no statements of accounts have been offered. This may have been the case in the downturn but not now.
I want to withdraw from Scheme and go alone but not if I get the Section 23 clawback. Could register as an individual house with Bord Failte?
 
You should check with your accountant as a result of the farce of abolition of property based incentives it seems small investors in holiday cottages, crèches and hotels lost them on 01.01.15.
 
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