Section 23 - Explain

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Emma1980

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hey! could someone explain simply to me what Section 23 is? When propertypath rang me about the priors gate apartments, he said there was a good incentive with them being section 23 but he said he wasn't too sure what section 23 was!! i've tried to google it but im not understanding it!
any help would be much appreciated!
 
Ha ha thats hilarious, they haven't a feicin clue in SDCC. Section 23 will not apply to you as an affordable housing purchaser. Its a tax incentive for investors who buy properties to let. Basically they will not pay any income tax on the rent they receive from the property until they've recouped all costs i.e. the price the apt was purchased for. Definitely not something you need to take into consideration when deciding on your purchase! You can rent a room of your apartment and not have to pay tax on it once its under a certain amount.
 
really??? why the hell did he mention it so??!! anyways, them apartments are well overpriced - although they are gorgeous from what i have seen. unfortunatly i need somewhere with two parking spots and all apartments only have one at most! i can't belive he'd bother mention something that he didn't know about when it turns out it was pointless anyway!!!
thanks monos!!
 
Section 23 is the original name for this relief which goes back about 20 years, can't think of current section it falls under but you can claim it even under afforadable housing - it's called owner occupier relief. If you check www.revenue.ie and search owner occupier they will give you exact computation. Normally you can gain between and extra 1600 - 3200 in tax credits and an additional srcop of between 4000 - 8000. These figures depending on cost price of house/apt to build, site cost and sale price. Good luck with your decision.
 
check this link to revenue website, it covers everything you need to know: [broken link removed]
 
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