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A look at property related measures in Budget 2023

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By Ted Healy of DNG TED HEALY

Budget 2023 was introduced last week against the backdrop of significant economic headwinds, both domestically and internationally including the war in Ukraine, rising inflation, a Cost of Living crisis, and rising interest rates.

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It is in this context that Budget 2023 contains the largest package of spending measures by any Government, designed to ease the financial pressures faced by households at the present
time.

Here we look at some of the property related measures contained in Budget 2023:

The Help To Buy (HTB) Scheme was extended for a further two years until December 31, 2024 in its current format.

RENT TAX CREDIT

This is a new €500 tax credit for private tenants who are not in receipt of other State housing supports. It will apply for 2023 and for subsequent years (until 2025) but may also be claimed (in early 2023) in respect of rent paid in 2022. Married couples and civil partners can claim a double tax credit of €1,000.

PRE-LETTING EXPENSES

There was an increase in the eligible expenditure limit for pre-letting expenses for landlords to €10,000, and the vacancy period for qualifying was reduced from 12 months to six months.

VACANT HOMES TAX

A Vacant Homes Tax (VHT) will be introduced in 2023 and will apply to residential properties which are occupied for less than 30 days in a 12-month period. The measure aims to increase the supply of homes for rent or purchase to meet demand. The tax will apply to properties which are unoccupied for 12 months or more and will be paid by property owners. The tax will be charged at a rate equal to three times the property’s existing base Local Property Tax liability.

EXTENSION OF RESIDENTIAL DEVELOPMENT STAMP DUTY REFUND SCHEME

The date at which projects wishing to avail of this scheme must commence construction is being extended from December 31, 2022 to December 31 2025. In place since 2017, this is a refund scheme whereby a portion of the stamp duty paid on the acquisition of non-residential land is refunded where that land is subsequently developed for residential purposes (subject to certain conditions).

DEFECTIVE CONCRETE PRODUCTS LEVY

A new Defective Concrete Products Levy will be introduced in 2023. The measure aims to go some way to offset the cost to the State of the Defective Concrete Blocks (Mica) Redress Scheme. The levy will be set at a rate of 10% of the cost of the concrete product, ex VAT, and will come into force from April 3, 2023. This measure will add to construction cost inflation at a time when building costs are already high, and ultimately it may lead to a decline in new housing output. Furthermore, the new levy may simply be passed to the buyer in the form of a higher price for the new home.

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Noel O’Sullivan returns to European Rally Championship

Noel O’Sullivan returns to European Rally Championship

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O’Sullivan returns to European Rally Championship

Muckross co-driver Noel O’Sullivan is set for a busy season as he returns to the FIA European Rally Championship (ERC) while also preparing for a record-breaking attempt on home soil.

O’Sullivan and driver Callum Devine have signed with the Swedish team JC Raceteknik for a full campaign focused on asphalt events. Their season begins this week at the Andalusia Rally – Sierra Morena in Spain. O’Sullivan remains the only Killarney-based co-driver competing at this level for a full season.
He brings significant international experience to the team, having previously worked with WRC driver Jon Armstrong during his early European outings. O’Sullivan and Devine recently proved their pace against top European crews with a fifth-place finish at the 2024 Rali Ceredigion in Wales.
Devine said:
“I’m really looking forward to coming back to the ERC. It’s always great for a driver to compete against Europe’s best on some iconic events. We’ve had great success back home in Ireland over the past few seasons, winning two Irish Tarmac Rally Championships, and we feel now is the right time to come back and take on some ERC events. Starting with Rally Sierra Morena, I’m delighted to be joining JC Raceteknik. I know they are a very professional team with a wealth of experience, and I’m looking forward to working closely with them.”
The European schedule will not interfere with O’Sullivan’s local plans. Following the rally in Spain, the pair will return to Kerry for the Rally of the Lakes over the May Bank Holiday weekend. They are aiming for a fifth consecutive victory in Killarney as they look to move back into the lead of the Irish Tarmac Rally Championship.
The move to the European stage follows a successful week for O’Sullivan, who was recently named the International Motorsport winner at the Kerry Sports Star Awards.

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Classic Tour set to celebrate heritage roads in June

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Classic Tour set to celebrate heritage roads in June


A new heritage motoring event, the Killarney Classic Tour, has been confirmed for June 26–27, 2026. The two-day tour is designed to celebrate the iconic rally stages of Kerry and the Beara Peninsula.


Headquartered at the Gleneagle Hotel, the event is non-competitive and open to a wide range of vintage and historic cars. Organisers are placing a particular focus on period-correct rally cars and recreations that reflect the history of the Circuit of Ireland, the Circuit of Munster, and the early years of the Rally of the Lakes.
The tour is the work of two well-known figures in Irish rallying, Mike Marshall and Micheal O’Mahoney. Marshall, a founding member of the Rally of the Lakes and Clerk of the Course for over 20 years, has designed a route that allows drivers to experience famous stages like Moll’s Gap at a relaxed pace. O’Mahoney, a long-term supporter of the sport through Rentokil and a historic car owner himself, joins Marshall in the venture.

Co-Founder O’Mahoney said:
“This event is about bringing people back together – the cars, the stories, and the friendships that have always been part of rallying. It’s a chance to step away from competition and simply enjoy these roads.”



The Saturday itinerary includes a lunch stop in Castletownbere before the field returns to Killarney for a gala dinner at the Gleneagle Hotel. The evening will feature guest speakers and a focus on the shared history of the sport.
“This event is about bringing people back together — the cars, the stories, and the friendships,” added Micheal O’Mahoney.
Registrations are now open at www.KillarneyClassicTour.ie.

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