Section 23 Owner occupier Relief

Hi

I'm hoping someone can help me determine how much I should be due in a claim.

I bought my apartment for 285k in early 2008
The certificate of costs details 160k, split evenly over 2006 and 2007.

I live in tallaght village - apartment sold as "section 23" eligiable but my understanding is it was under "urban renewal scheme".

What should I expect to get per year for the 10 years of eligibility? I made my first claim last week, and no-one in the tax office can seem to explain to me how much I should get.

Anyone know for sure?

Thanks for any help.

B

I think the Owner Occupier relief was 50% of the qualifying costs for 10 years (I'm basing this on experience of S23 relief when I lived in a Tax Designated county). I would have thought it was 50% of 160k, over 10 years. This would be 8k per year.

This would mean you would be able to earn 8k more per year tax free. So how much you get back would depend on how much tax you paid and at what rate you paid it. If all your tax was at 20%, I'd say you'd get about 1600 back. The max you could expect back would be 41% of 8k, about 3,200. If you paid less than 8k at the higher rate, you would get back somewhere between 1600 upto 3200.

I'm no expert at this but I think that's generally how it works.

thanks losttheplot

that is my own assessment too - but when I spoke to them on the phone they indicated they thought i would get 810 yips but they couldn't explain where this figure came from?

It seems pretty weird....

Maybe this will help:


www.revenue.ie/en/tax/it/leaflets/owner-occupier.doc