All Income (section 48?) Type Relief

[davidod]

Hi
I seem to remember that there was a holiday home relief (was it section 48) that allowed people to use allowances against all income (i.e. salaried earnings as well) during the last 90's. While many of the houses were consequently hugely overpriced they still represented a good way of tax avoidance.
I have heard that the new relief that is due to be signed in for the Shannon area will attract similar type of relief........is this true and are there any other section 48 type tax avoidance schemes currently on the market?

 

[Iceman732]

Don't mention the word avoidance around these parts!!

People don't avoid tax they simply, do something which allows them to claim tax relief!!!

Section 48 properties were built under the Seaside Resorts tax incentive scheme, which was introduced thirteen years ago and which aimed to stimulate development in certain coastal towns and villages.


Investors who acquired Section 48 holiday homes could offset the cost of the property against all their income, on condition that they made them available for rent by tourists for 10 years.



Section 48 was to the vast majority of investors a failure. I assume that any relief which may be brought in will be fully section 23 type.