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The Maudelins development includes 6 retail units at ground floor level in a courtyard setting, measuring between 430sq. ft and 12,52sq ft approx. and priced from €200,000.
Tax Incentives
The commercial units qualify for tax relief in accordance with Town Renewal Scheme originally introduced by the Finance Act 2000 and is currently in legislation under Section 372 AP TCA 1997.
Upon the purchase of a commercial unit in this development an individual will be entitled to a deduction of a percentage of the qualifying cost against their rental income only. The relief is granted in the same manner as the relief granted initially under S. 23 FA 1981.
Example:
Mr A buys a commercial unit in the development costing €300,000. In accordance with the formula set out by Revenue 79% of the purchase price qualifies for tax relief under the Town Renewal Scheme. Therefore Mr A has Section 23 Type relief to be used against his rental income as follows-:
Cost of Unit: €300,000 x 79% = €237,000
The qualifying expenditure can then be used as a loss to be set against rental profits arising within Ireland from commercial or residential property. In essence it will offer a tax saving of up to €97,170.
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