- NEWS
TDs: Has Shatter got access to secret files?Coalition TDs have demanded to know if Alan Shatter has access to secret files on prominent politicians, journalists and public figures, as the controversy surrounding the justice minister continued to escalate.
Yacht can be yours... for €700k per weekThe sleek white Lauren L yacht has become Cork's latest tourist attraction, and you have to admit, it definitely adds a touch of glamour to the place.
- WORLD
Yahoo’s $1.1bn gamble on Tumblr Yahoo said it is acquiring blogging service Tumblr for $1.1bn (€850m) cash, a bold bet by chief executive Marissa Mayer to revitalise the struggling internet pioneer by co-opting a web property with strong visitor traffic but little revenue.
Hungary meets German pressure with Nazi tauntsTensions between Germany and Hungary have flared over remarks by the countries' leaders, including references to Hitler's occupation of the eastern European country in 1944 and an irritated German government response condemning Hungary's allusion to the Nazi era as "deplorable derailment".
- BUSINESS
Ryanair results help stock soar by €600m The value of Ryanair increased by more than €600m in one day's trading yesterday after the company reported stronger than expected results.
PTSB claims 60% increase in current accounts following fee-free offerPermanent TSB has reported a huge increase in new account openings since it launched its no-fee current account.
- SPORT
Limerick lose out again Limerick's Division 1B defeat by Dublin won't be revisited despite the question of Paul Ryan's eligibility in the game.
Paulie backs O’Gara coaching callPaul O'Connell has backed former Munster team-mate Ronan O'Gara to be a "great" coach after the fly-half announced he was retiring and taking a job on Racing Metro's backroom staff.
- LIFESTYLE
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Breaking stories
Special tax category for historic homes
By Kieran Coughlan
One man’s blessing is another man’s curse. Some might feel that owning a heritage structure can be a bit of thorn in the side, but it can actually give you your livelihood — if you’ve ever been to Powerscourt House in Wicklow on a sunny summer Sunday you can hardly get in the gate with the droves of people flocking to appreciate some of Ireland’s heritage.
Indeed, we have our own Department of Arts, Heritage and the Gaeltacht under whose auspice matters of care of Ireland’s heritage are addressed. These measures and bodies are there to protect our heritage and our history for the benefit of our peoples now and in the future, the history of these places is older that you and I, and it’s fair to see why this should be protected for current and future generations.
No doubt some feel constrained by the governance, rules and regulations surrounding this heritage, others go beyond their call of duty and seek to maintain or even restore buildings under their care.
To encourage the protection of Irelands heritage, a special tax relief is available in respect of expenditure incurred on the repair, maintenance or restoration of the approved building or garden. This tax relief has been in existence for a long number of years. To qualify for the relief, the building must effectively be approved by the Minister for Arts, Heritage and the Gaeltacht and by the Revenue Commissioners.
The base criteria for ministerial approval is that the building must at a minimum be of significant scientific, historical, architectural or aesthetic interest. Two application forms are used, one for ministerial approval and another for Revenue . Approval must be obtained before undertaking expenditure.
For Revenue approval the following conditions must be met: access to the whole or a substantial part of the building/garden must be available; access must be provided at reasonable times and in a reasonable manner, subject to any temporary closures necessary for repair, maintenance and restoration work; access is afforded for a period of at least 60 days in any one year, including not less than 40 days (of which 10 days must be Saturdays or Sundays) during the period May 1 — Sept 30 inclusive, including access during all of National Heritage Week (this usually takes place towards the end of August); on the open days the daily viewing times must be at least four hours; the admission price, if any, must be reasonable so as not to preclude the public from seeking access to the building/garden; opening times must be advertised in local or national papers; and a sign must be erected outside the building indicating opening times.
Fáilte Ireland must be notified of the access arrangements.
The financial burden of keeping one of Ireland’s heritage buildings becomes more manageable where tax relief is available, but the price to pay is that the building must be made accessible to the public.
The tax relief can amount to up to 41% of the cost, however, the tax relief is restricted in that the tax relief available is curtailed for High Earners. Furthermore, grants may be available under Leader or Heritage Council. As always your individual circumstances should be looked at for the best advice, your questions on this and other farming tax issues are welcome.