Living City Initiative

SteelyDanJalapeno

Has anyone had anyone had any success with the Living City Initiative?

We're hopefully going sale agreed on a 2nd hand house that needs extensive work in Cork City and it falls inside this regeneration zone.

The tax breaks sound very attractive, just curious as to how difficult it is to claim any of it.

"Claimants are entitled to a deduction in income tax from
their total income for 10 consecutive years to an amount
equal to 10% of the “qualifying expenditure”.
Relief is available for certified works carried out between
5th May 2015 and 4th May 2020.
The minimum qualifying expenditure is €5,000. There is
no upper limit."

Arklow10

It works ok.
Look at the exact work that qualifies and retain all receipts that fall under this heading. There is considerable online that informs you re this. Photocopy all receipts - they may fade and all originals have to be submitted to your local council who will approve the expenditure.
they may come out to inspect the work.

TSQ

It will take weeks if not months to complete a sale, by which time you will have very little time to do any work before the deadline expires, especially as any work claimed for has to be by a tax compliant tradesman (you will need to keep receipts, including for all materials purchased, in case you are audited, although you dont need to produce these when claiming the relief). All of the info and application forms can be accessed on corkcity.ie/livingcity

SteelyDanJalapeno

TSQ wrote: »

It will take weeks if not months to complete a sale, by which time you will have very little time to do any work before the deadline expires, especially as any work claimed for has to be by a tax compliant tradesman (you will need to keep receipts, including for all materials purchased, in case you are audited, although you dont need to produce these when claiming the relief). All of the info and application forms are on livingcity.ie.

Thanks for the reply, the initiative is going to be extended until 2022

Arklow10

Yes, however it is not as attractive as it sounds. Properties that fall into this are typically over 100 years old. If you say bought a property for €100k and say spend €80k on it (very easily done) , you may very well find the property at the end is worth €160k.