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Section 23 relief

  • 31-08-2012 4:26pm
    #1
    Mouth of the South
    Registered Users, Registered Users 2 Posts: 162 ✭✭


    Hi

    Not looking for specific advice, just some guidance on what is avaialble if a section 23 property is purchased now. In this case it is a section 50 student accomodation apartment, but it is treated similiarly to section 23.

    If the property is 7 years old, can the relief be only availed of by the second purchaser for the next 3 years if purchased now?i.e can it only be claimed for 10 years after firts granting regardless of who owns it? Is any unitilsed allowance unusable after that?

    Also, does it matter whether the first purchaser claimed the s.23 allowance or not. If they sell within ten years, Revenue will claw back any allowances given to the first purchaser. Does the claiming (or not) of the allowance by the first purchaser have any impact on the allowance given to the second purchaser? i.e what restrictions are there on the second purchaser?

    Any knowledge or guidance greatly appreciated.


This discussion has been closed.
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