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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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Wine, art and lots of catching up at popular fundraiser

By Michelle Crean Spirits were high and the atmosphere electric at this year’s Wine & Art Night which had a huge attendance on Wednesday night. Over 50 exhibitors gathered in […]

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By Michelle Crean

Spirits were high and the atmosphere electric at this year’s Wine & Art Night which had a huge attendance on Wednesday night.

Over 50 exhibitors gathered in the Great Southern Killarney as the Killarney Rotary Club’s fundraising event – which is one of the biggest in the town each year – was back after a COVID break.

During the afternoon the artists and crafters, many who travelled from all over Kerry, Clare, Cork and even Waterford this year, organised their display for the event. Later that evening there were a lot of familiar faces but also some new people who absolutely loved the evening.

There were many wines available to taste as well as cheese and breads at the event which is run in conjunction with Daly’s SuperValu, Killarney and Killarney Brewing Company.

“There was a huge attendance and everybody was in good spirits to be back to normal,” President of Rotary, Rayla Tadjimatova, said.

“Many of the patrons were buying some art as Christmas presents and the members of Rotary were delighted to be kept busy packing these. A portion of all art sales goes to the fundraiser. One local young man, who is only 16, exhibited his beautiful photographs of local scenic areas. There was an auction of donated works of art and a Kerry Jersey. All one hundred percent of the proceeds from this auction goes to the fundraiser.”

Mike Neeson entertained the crowd on arrival and right until the end of the night.

“Mike is a great supporter of our events and we would like to thank him for keeping everybody entertained.”

The Irish Pilgrimage Trust ran the raffle and they had some wonderful hampers and gifts to be won.

Beneficiaries from this year’s event are: Coolick NS, Gaelscoil Faithleann NS, Knockanes NS, Holy Cross Mercy NS, St Francis Special School, Kerry Stars, Killarney Athletic AFC, and Killarney Cougars Basketball Club.

She thanked everybody for attending and everyone for their help organising the event.

Some, she added, had never been before and said they did not know what exactly the night involved but will definitely be back again next time as it was “so enjoyable”.

“We hope the money raised will help the beneficiaries to proceed with projects,” she said.

“We are delighted for Rotary to be able to help these charities, community groups and schools through our fundraising event.”

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Comedy drama ready for the stage

By Michelle Crean Get out your diary and book in these December dates as Dochas Drama Group is ready to take to the stage. What does a hypochondriac, a grumpy […]

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By Michelle Crean

Get out your diary and book in these December dates as Dochas Drama Group is ready to take to the stage.

What does a hypochondriac, a grumpy father and a confused visitor to the dentist, all have in common? You’ll have to come along to the Killarney Avenue Hotel on Monday, December 12, Tuesday 13 and Wednesday 14 at 8pm to find out.

The popular drama group will present their three new comedies featuring the work of playwrights Brian Bowler, Ger Madden and Mary Quirke.Come along for a night filled with fun and laughter. Just the right beginning to the festive season. Doors open at 7.15pm and tickets are available at the door. All tickets; adults, seniors, students and children are €10. Don’t miss a great night out.

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