08 December 2005

Ireland property tax reliefs

Finance Minister Brian Cowen said there was a need to balance effective tax reliefs with ensuring that everybody paid an appropriate amount of income tax.

There will be a cap on the extent to which people can avail of some reliefs, in an attempt to remove the phenomenon of 'tax free millionaires'.

The cap will apply to those with income over €250,000 a year, and will cut by half the amount the income that can be relieved from tax by certain specified tax reliefs. The Minister also imposed a cap of €250,000 on tax relief for artists.

Following a review of tax reliefs, a number of these will be terminated as they are no longer thought to be cost-effective.

These include the urban, town and rural renewal schemes, and special reliefs for hotels, holiday cottages, student accommodation, multi-storey car parks, third-level educational buildings, sports injuries clinics and park and ride facilities.

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