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Section 23 - In a nutshell?

  • 28-10-2005 6:53pm
    #1
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭


    I’m interested in a property that is a section 23 property. I’ve a small grasp of what section 23 means, but if anyone would like to give me an explanation in a nutshell, I’d appreciate it.

    I’m told however that to qualify for the section 23 relief, the property has to be leased out over the 10 yr term. It cannot be occupied during that time by the owner, which is not what I wanted to hear. I was planning to use the property as a holiday home exclusively for the family and not rent it out at all.

    The only way I could afford to pay the mortgage and not subsidise it with rental income, was if I could claim the s23 relief which would contribute towards the payments.

    Any info appreciated.


Comments

  • #2
    copacetic
    Subscribers Posts: 16,617 ✭✭✭✭copacetic


    my 2 cents (not an expert):

    section 23 relief is only for investors, if you don't plan to rent you don't get it, and if you don't do it for the full term, they clawback the relief..

    there is section 23 type relief for owner occupiers but this isn't suitable for you either as it won't be your main res..


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