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Today’s Top Headlines

Ireland To Review Tax Reliefs For Historic Properties

by Jason Gorringe,, London

14 February 2017

The Irish Government is to review a tax relief for owners or occupiers of historically significant buildings.

The review into Section 482 of the Taxes Consolidation Act 1997 will be carried out by the Department for Arts, Heritage, Regional, Rural, and Gaeltacht Affairs. Section 482 provides relief from income tax or corporation tax to the owner/occupier of an approved building (including the surrounding garden) or an approved garden, in respect of expenditure incurred on its repair, maintenance, or restoration.

Qualifying expenditure is treated for tax purposes as if it were a loss in a separate trade carried on by that owner/occupier and the normal rules for giving loss relief apply. A condition of the scheme is that the property must be open to the public for a minimum number of days each year, or in use as a registered guest house.

According to the Department's consultation document, the review will examine the costs and benefits of the scheme, establish whether tax relief is the best means for achieving the Government's policy objectives, and determine the extent to which the relief offers value for money.

The consultation seeks feedback on whether the relief is an efficient use of resources, what possible changes could be made to the scheme, and if there is any merit in continuing the scheme relief beyond 2017.

The consultation will close on March 24.

TAGS: tax | value added tax (VAT) | Ireland | corporation tax | cultural heritage | tax breaks | tax reform | individual income tax

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