Only 33 homeowners apply for city centre tax incentive scheme

The government’s tax incentive scheme aimed at encouraging the regeneration of city centres and their respective central business districts has failed to live up to expectations with just 33 residential applicants expressing an interest so far.

The Living City Initiative was launched in May 2015 with the aim of bringing “life back into the heart” of the country’s cities by offering tax relief on the refurbishment or conversion of certain buildings.

Take-up of the scheme has proven remarkably low, with just 33 residential property owners applying for the tax breaks.