Property Clinic: We tried to claim section 50 relief but were told it did not exist
The development of student accommodation schemes was encouraged in the past through the provision of tax relief for investors. Photograph: SturtiI purchased a property in a student accommodation development. It was advertised extensively in national newspapers at the time and in brochures which I still have. When we went to claim section 50 relief, we were told it did not exist. Is this possible?
Section 50 relief is a historic relief that applied to student accommodation schemes and was introduced in the Finance Act of 1999. It provided for “section-23″-type relief whereby expenditure incurred on student rental accommodation could be set against the rental income from the property and other Irish rental income.
The scheme is now terminated, as the expenditure had to be incurred before December 31st, 2006, with some extension to July 31st, 2008.Nuisance neighbour: What can I do about noisy dogs, blocking of path and aggressive behaviour?However, unutilised relief may still be claimed where a buyer has relief carried forward. When an investor purchased a unit from a developer, they should have received a certificate of compliance.
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