Cork property owners urged to avail of tax break to restore buildings

Property owners in Cork city are being encouraged to avail of a national scheme aimed at restoring historical buildings.

An information evening on the Living City scheme organised by Cork City Council for residential and commercial property owners of Special Regeneration Areas takes place tomorrow in the Imperial Hotel, South Mall, Cork at 6.30pm. 

The Living City scheme aims to encourage owners by allowing tax exemptions on restoring buildings constructed before 1915 in some of the most historic parts of the city.

Under the scheme, it will be easier to avail of tax relief when refurbishing residential and commercial buildings in four ‘special regeneration areas’ of the city, and is aimed at owner-occupiers, landlords and people in the construction or property development sector.

The residential part of the scheme will allow income tax deduction over a 10-year period for qualifying expenditure spent on the refurbishment or conversion of a building for residential use.

Previously, only residents could avail of this tax break but in an effort to make more housing available for rent in the city centre. It has now been extended to landlords.

The Living City scheme was launched to much fanfare in 2014 and was designed to regenerate local areas of historic value across major cities nationally.

The Department of Finance’s tax incentive scheme was to encourage investment in historic buildings from pre-1915 but it soon became apparent that it was too restrictive for most applicants, geographically and commercially.

Suffering from poor uptake and following much criticism, the scheme was amended in January 2017 to broaden eligibility to the rental sector.

The Special Regeneration Areas in Cork can be seen at www.corkcity.ie/livingcity.

An information evening on the scheme organised by Cork City Council for residential and commercial property owners of Special Regeneration Areas takes place tomorrow in the Imperial Hotel, South Mall, Cork at 6.30pm.


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