Living City Initiative Tax Incentive Scheme

 – revised conditions of Scheme

Ardmhéara Bhaile Átha Cliath, Mícheál Mac Donncha will host an event in the Mansion House on Friday, 9th February, 2018 at 11 a.m. to promote the revised Living City Initiative (LCI) tax incentive scheme.

The event coincides with a launch which includes a new updated guide to the revised tax incentive scheme. This easy to use guide, developed by the LCI Unit within Dublin City Council, will assist property owners and investors to avail of the scheme and encourage the re-use of buildings in designated Special Regeneration Areas (SRAs) in Dublin city centre.

Speaking at the launch an tArdmhéara said “At the present time when availability of housing has become an even more critical issue for communities, it is vital that Dublin City Council engages actively with property owners and investors to maximise the uptake of available grants and incentives to bring under used properties back into full use. This guide is a welcome addition to the information already available to the public on the various schemes that are on offer.”

The LCI tax incentive scheme, introduced in 2015 by the Department of Finance, applies to designated SRA’s in Dublin, Cork, Limerick, Galway, Waterford and Kilkenny.  The scheme has been revised to include landlords in order to increase the take-up in respect of rented residential property.  The restriction on the maximum floor size of the property has also been removed, along with the requirement that the property must have been previously used as a dwelling.  The minimum amount of expenditure for refurbishment/conversion works was also amended and now need only exceed €5,000 to qualify for the scheme.

The LCI Unit has set up a ‘One Stop Shop’ Advisory Team with staff from all relevant Departments within the Council including Planning and Property Development, Architects, Fire Prevention, Building Control , Conservation and Valuers.  The Team will meet with owners/investors and advise on statutory planning and development requirements such as Planning Regulations and Building Regulations in relation to any proposed refurbishment or conversion works before these works commence.

It is a FREE service but an appointment must be made by contacting the Living City Initiative Unit at E: livingcityinitiative@dublincity.ie    T: (01) 222 3480

For details of the Tax Incentive Scheme see:  www.dublincity.ie/livingcity

ENDS

For further information contact:

Dublin City Council Media Relations Office T. (01) 222 2170, M. 087 740 0277

Notes to the Editor

About the Living City Initiative (LCI)

The LCI scheme is a tax incentive scheme to assist and encourage people to live in the historic inner city areas of Dublin City.  It allows owners and investors to claim tax relief for money spent on refurbishment and/or conversion of residential property either as income tax relief (for owner-occupied residential) or capital allowance (for rented residential).  It also focuses on the regeneration of retail and commercial districts by allowing owners to claim an accelerated capital allowance on money spent on refurbishment and/or conversion of commercial property.

It aims to incentivise owners/Investors to carry out the necessary refurbishment and/or conversion works to upgrade existing accommodation or bring derelict/disused properties back into use. Examples include bringing vacant upper floors above a shop into residential/office use or carrying out refurbishment work to your own home.

A property can be a house, apartment, shop or any kind of structure and can include all or part of a property, but it must be located within the designated ‘Special Regeneration Area’ to qualify for the relief under the initiative.  The exact locations are available to view on the Dublin City Council website through http:bit.ly/LivingCityInitiativeMap  

There are three types of TAX Relief available and the qualifying periods are as follows;

Type of Relief:                                   Commencement date:          Cessation date:

Owner-Occupier Residential              5th May 2015                         4th May 2020

Retail/Commercial                               5th May 2015                         4th May 2020

Rented Residential                              1st January 2017                    4th May 2020

Only Refurbishment and/or conversion work carried out during the above time periods will qualify for relief.

Further details of the scheme are available on – www.dublincity.ie/livingcity

 
 

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