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What does ''Section 23 Apartment'' mean?

  • 22-06-2015 2:51pm
    #1
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭


    An apartment went up for sale over 3 months ago on a property website and in the description they have down ''this is a section 23 apartment (further details to follow)''.

    When I ring them they say that they have my details on file and will ring me when a viewing becomes available. I ring them every few weeks but its always the same answer I get.

    Any idea?


Comments

  • Registered Users, Registered Users 2 Posts: 505 ✭✭✭jayjay2010


    Thanks!


  • Closed Accounts Posts: 6,926 ✭✭✭davo10


    jayjay2010 wrote: »
    An apartment went up for sale over 3 months ago on a property website and in the description they have down ''this is a section 23 apartment (further details to follow)''.

    When I ring them they say that they have my details on file and will ring me when a viewing becomes available. I ring them every few weeks but its always the same answer I get.

    Any idea?

    Section 23 tax relief was designed to stimulate investment in certain areas/regions. You can offset a significant portion of the cost of the property against any rental income from both that property and any other in your portfolio. But be aware the property will be more expensive to buy because it has that tax relief as it is more beneficial to investors who have other properties and there is a claw back from revenue on any tax relief claimed if you sell the property within a certain time period ( I think it used to be 10 years). If you are buying it to live in now and rent it out in the future, it's good to have the tax relief but if you want to buy now and sell in a couple of years time, the tax relief is of no benefit.


  • Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    I'm surprised there are still section 23s around, they were a 90s/early 00s incentive, so surely the 10 year tax relief has expired?


  • Closed Accounts Posts: 6,926 ✭✭✭davo10


    MouseTail wrote: »
    I'm surprised there are still section 23s around, they were a 90s/early 00s incentive, so surely the 10 year tax relief has expired?

    It could begin from date of purchase so there might be a few of them still knocking around in unfinished estates. I think op that you should ask an accountant/solicitor to look into that carefully, there is no point in paying a premium for a tax relief which may now be expired.


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