Is Section 23 still available

jake1616

I am looking at buying a section 23 property. I believe the property in question was granted section 23 status in 2008 but the estate has basically been parked for the last few years due to the property collapse. The estate is now nearing completion and the properties are now available. My question is: If I buy one of these property's will the 10 year tax relief commence from the date of first letting, say sept 2016 to sept 2026. Or would all tax relief have to be availed of by the end of 2018, .i.e ten years after the original granting. Any help appreciated.

gerrybbadd

jake1616 wrote: »

I am looking at buying a section 23 property. I believe the property in question was granted section 23 status in 2008 but the estate has basically been parked for the last few years due to the property collapse. The estate is now nearing completion and the properties are now available. My question is: If I buy one of these property's will the 10 year tax relief commence from the date of first letting, say sept 2016 to sept 2026. Or would all tax relief have to be availed of by the end of 2018, .i.e ten years after the original granting. Any help appreciated.

You should still get it for the 10 years, from the time you first move into the property

jake1616

Thanks gerrybbadd. Its been very difficult to get any information on this whole subject. I asked a few accountants but no one had dealt with this scenario. Thanks again

tradingwizz

10 years only applies to getting the relief within 10 years of first letting. The relief remains valid for whatever length of time it takes to use up the relief after it has been granted.