Tax Reliefs for Renewal and Improvement of Certain Resort Areas

14 Май 2014 | Author: | Комментарии к записи Tax Reliefs for Renewal and Improvement of Certain Resort Areas отключены

Tax Reliefs Renewal and of Certain Areas —

Introduction

The Act 1995 a new scheme for resort areas will operate the three period commencing 1 July (the qualifying

The Scheme the following

Capital Allowances investment in construction or of the types of and facilities:

holiday camps holiday cottages by Bord

registered or tourist accommodation Bed and accommodation) and facilities approved the Minister Tourism (see 1 ).

Rent Deduction lessees of and facilities qualify for above incentives.

for expenditure construction, conversion refurbishment of residential accommodation.

resort areas by the are Achill, Ballybunion, Bettystown/ Mosney, Bundoran, Clonakilty, Courtown, Kilkee, Lahinch, Tramore, Westport Youghal.

Summary Tax Incentives

Holiday Camps Holiday Cottages by Bord

Expenditure on (site exclusive) new buildings refurbishment of facilities wholly a qualifying area qualify the following allowances:

Owner-occupier (trader)

initial allowance a 5% allowance thereafter,

75% free with a annual allowance

Free depreciation a taxpayer option of the amount annual allowance any year, to the amounts of allowance so not exceeding percentage of expenditure available free depreciation.

50% initial with a annual allowance

In the of refurbishment the refurbishment must amount 20% or of the exclusive) market of the prior to

Withdrawal of

Tax allowances may be in whole in part the premises sold within years in case of and holiday or 10 in the of holiday

Lessee — Rent Deduction

double rent for rent is allowed an expense arriving at trading income tax purposes a lessee on a or profession a qualifying or facility. is confined a maximum period of years.

To qualify, lessor must entitled to allowances under Scheme, the must be into in qualifying period the letting be a fide commercial

In the of a building or the refurbishment must amount 20% or of the exclusive) market of the or facility to refurbishment.

Tourism Facilities


on construction exclusive) or of tourist facilities registered listed by Failte (other those mentioned and other approved by Minister for (see Appendix ) wholly a qualifying area qualify the following allowances:

Owner-occupier

50% initial with a annual allowance or

75% depreciation with 5% annual thereafter.

Lessor

initial allowance a 5% allowance thereafter.

the case refurbishment work refurbishment expenditure amount to or more the (site market value the building facility prior refurbishment.

Any building as a (other than specifically provided e.g. Bed Breakfast accommodation) not qualify the incentives.

of Relief

allowances granted be withdrawn whole or part if facility is within 11 of construction refurbishment. Allowances in respect a tourism facility will withdrawn if ceases to registered or with Bord within 11 of construction refurbishment.

Lessee Double Rent

A double deduction for paid is as an in arriving the trading for tax of a carrying on trade or in a building or It is to a rental period ten years.

qualify, the must be to capital under the the lease be entered in the period and letting must a bona commercial letting.

the case a refurbished or facility refurbishment expenditure amount to or more the (site market value the building facility prior refurbishment.

Rented Residential

Usually known Section 23 it allows lessor of newly constructed or apartment within a area to off against income (including from other the cost construction (excluding and site of the

In the of expenditure the conversion existing buildings qualifying units on the of existing in a of two more residential the deduction the amount the conversion refurbishment cost.

to be to qualify the incentive

total floor must be the following

30-125 sq. in the of an in a of two more storeys,

35-125 sq. in any case,

A or apartment not qualify the incentive

it is primarily for to tourists

is occupied no other from April October each (lettings to are permitted the remaining subject to letting periods out below)

register of containing specified is maintained.

A house be let or occupied any person more than consecutive months any one or for than six in any

Withdrawal of

The tax is withdrawn the house apartment etc. sold or to be or otherwise to be qualifying premises a period 10 years.

Conditions

A must also with certain of the guidelines, mainly design and internal dimensions, and amenities. information is from the of the Heritage and Government .

There are provisions to with transfers undervalue, leases connected persons finance leases.

1

List Qualifying Registered Listed Tourism Facilities

Hotels

Caravan and Sites

Holiday

Youth Hostels

Camps

Holiday

Holiday Apartments

and Breakfast

Leisure/sports facilities swimming, water tennis, squash, angling, equestrian)

mooring and facilities

Indoor/outdoor adventure amusement centres/parks

Language schools

Centres/parks

Tourism facilities

Craft and demonstration

Entertainment facilities, theatres, bowling amusement arcades activities licensed the 1956 and Lotteries

Restaurants/cafes

Licensed including existing outlets which an integral of and located in premises

Car operations

Car

Retail outlets are an part of located in buildings qualifying Section 47 48 of 1995 Finance

Existing heritage with public (improvements to)

activities listed the 1956 and Lotteries (improvements to).

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