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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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Black Valley broadband installation gets underway

Works are under way to install a high-speed fibre broadband network in the remote Black Valley area of Kerry. The Black Valley was one of the last areas of Ireland […]

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Works are under way to install a high-speed fibre broadband network in the remote Black Valley area of Kerry.

The Black Valley was one of the last areas of Ireland to be electrified but broadband in the region is expected to be live in the second half of the year with residents already able to pre-order their connection. 
“It is well known that Black Valley was one of the last locations to get electricity due to its remoteness and challenging terrain, so we are extremely pleased to be commencing the rollout of our high-speed fibre network now with a view to connections being available later this year,” said National Broadband Ireland Deployment CEO, TJ Malone.
  
“We are determined to ensure the rollout is as fast as possible and connection is made easy for Black Valley residents, and we have a plan in place to work around the location’s all-important tourist season.

“Black Valley is a symbol of NBI’s mission that no area will be left behind no matter how rural or remote and we are delighted that this beautiful location moves one step closer to high-speed fibre today, with all the opportunities that will unlock for the local community.” 

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Players of the year don’t duck a challenge

They never duck when faced with a big challenge on the field so it was safe to assume that GAA players of the year David Clifford and Louise Ní Mhuircheartaigh […]

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They never duck when faced with a big challenge on the field so it was safe to assume that GAA players of the year David Clifford and Louise Ní Mhuircheartaigh weren’t going to shy away from the latest task on their home patch.

The two top footballers in the country teamed up to launch a charity duck race which will form part of this year’s St Patrick’s Festival in Killarney, where they both live.

When the working day was done, busy secondary school teachers David and Louise had some great quack and they got caught up in the spirit of the occasion along the scenic River Deenagh in Killarney National Park.

The reigning Player of the Year and Ladies Player of the Year award winner demonstrated their competitive streak when they expressed confidence that their own ducks will win The Deenagh Duck Dash on the same river at noon on Monday, March 18.

But, luckily, festival chairman Jason Clifford was there to keep the peace and he even threatened to cry fowl and brandish a card at the star players – with duck yellow deemed the most appropriate colour.

Considered by many to be the greatest players of all time in their respective codes, between them, Fossa hotshot David and Corca Dhuibhne star Louise have an incredible nine All-Star awards.

But they might be tempted to swap one if their duck wins the fun-filled race on the day after St Patrick’s Day.

All proceeds from the event will go to St Francis Special School in Beaufort, Killarney which provides specialist education for young people with learning disabilities.
Festival chairman Jason remarked: “This isn’t just a race – it’s great fun for the whole family.
“Picture the scene with a flotilla of vibrant rubber ducks racing down a winding river, their owners cheering them on and all in the name of a fantastic cause”.
Super prizes await the winners, the cost of a rubber duck to participate in the race is just €5 and they can be bought online at https://stpatricksfestivalkillarney.ie/.

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