Designated Area Urban Renewal Relief

[maranello]

Have any of you tax gurus out there ever dealt with designated area urban renewal relief?

I am claiming designated area tax relief on apartment near to city centre, according to the developers unlike with some of these schemes there is no clawback of the relief if you sell before the designated period has elapsed.

What I want to know is, if I sell the property can the unexpired portion of the relief be passed onto the new owner, or alternatively is it lost?

I rang the revenue about this, they told me to put in writing which I not inclined to do as it will probably take months to get a response.


PS don't ask me to ring developers or management company, they are absolutely clueless.

 

[Capall]

Any auctioneer should be able to tell you. You often see apartments advertised for sale with unused tax relief.

 

[potblack]

I am not a Tax Guru, but have experience with urban renewal relief. I am not aware of any development where you can sell the property within the ten year period, and not have any of the relief claimed, clawed back.

according to the developers unlike with some of these schemes there is no clawback of the relief if you sell before the designated period has elapsed.

PS don't ask me to ring developers or management company, they are absolutely clueless.

This seems to contradict your previous statement, that the developer advised you that you can sell on.

The criteria regarding URR is quite strict, yes you can sell the property on within the 10 year period with full relief (not unused relief), however any relief you have claimed is clawed back (plus tax on income must then be paid).