The Living City Initiative stimulates financially Dublins’ historical area residents
The scheme introduced in 2015 relieves restrictions and guarantees tax incentives for the owners of the inner city area
- October 16, 2018 12:30, 1341 impressions
- Aseniya Dimitrova
The Living City initiative is a Tax Incentive Scheme designated to assist and encourage people to live in the historic inner city areas of Dublin, Cork, Limerick, Galway, Waterford and Kilkenny. In the core of the scheme are the income tax relief and capital allowance, related to investment on refurbishment or conversion of property. This measure is supposed to stimulate the owners and investors to carry out the necessary improvements and upgrades, as well as to bring disused properties back into use by leveraging a fraction of the financial burden. The measure concerns utilization and increased efficiency of space, but also – refurbishment in the home.
A special Living city unit has been created within the Dublin City Council dedicated to the initiative. A free service for advising citizens on statutory planning and requirements, comprising of architects, fire prevention specialists, conservation specialists and valorization professionals. The amount invested by citizens into refurbishment shall be no less than 5000 euro and concerns only properties built before 1915 (with exception to commercial premises) and the buildings shall enter in function immediately after the refurbishment. Citizens can benefit from up to 10% income tax relief per annum for 10 years or up to 15% for rented residential and commercial property.
Source: City Council Dublin