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Property Tax incentive Scheme.

Galway_guy_33 · 2006-04-11 10:32:22

Just wondering if anyone on here has availed of the Rural Renewal Tax incentive Scheme? http://www.revenue.ie/leaflets/it65.pdf On paper it looks very attractive indeed... 5% per annum of the expenditure for 10 years in respect of new construction (Excluding site costs) Example: construction cost: €175,000 Annual income…

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11-04-2006 11:32am

#1

Galway_guy_33

Registered Users Posts: 192 ✭✭

Join Date: January 2006

Posts: 162

Just wondering if anyone on here has availed of the Rural Renewal Tax incentive Scheme?
http://www.revenue.ie/leaflets/it65.pdf

On paper it looks very attractive indeed...

5% per annum of the expenditure for 10 years in respect of new construction (Excluding site costs)

Example:
construction cost: €175,000

Annual income tax relief is: 5% of €175,000 = €8,750.

Paying tax at the 42% rate: €3,675 saving every year for 10 years.

Total saving = €36,750 in income tax over the ten years.

Id be very interested to hear from anyone who has availed of this scheme.

How long does it take the application to be processed?

Can you claim for finishing costs such as tiling, tiles, showers, kitchen units etc??

How is the relief paid... monthly or yearly?

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