If this is the case why dont we all have one!! I am struggling to come up with any info on thsi scheme weither on the revenue or inst taxation websites
Thanks
DC
[broken link removed]Section 50 Finance Act, 1999 introduced tax relief in respect of expenditure incurred on the construction, refurbishment or conversion of residential property for use as student accommodation. The legislation governing this relief is contained in Chapter 11 of Part 10, Taxes Consolidation Act, 1997. Changes introduced by Section 32 Finance Act, 2003 are contained in section 372AM.
This is very different to…Accountant has confirmed that all income tax is deductible against these reliefs, not just rental income. Up to a maximum of 90% of income tax for 10 years. if this is the case and say for example you pay 10k income tax pa, over 10 years you would have 90k in reliefs?
90% of the cost (really does seem to harp back to S23 relief and exclusion of cost of site reducing the allowable calc to 80% to 95%) is totally different to 90% of income tax for ten years. The 90% cost can be offset, as a loss, for up to ten years not 10 years of 90% reduction (I won’t go into detail, straight from any S23 or S50 info, commonly available).dancarter said:"both investors and owner occupiers can claim up to 90% of the cost of there property against there PAYE or rental income"
The potential of a misprint from "23" to "32" is possible.Have to agree, no such scheme exists. Ever thought that it might be a misprint ?????
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