The Minister for Education and Science, in consultation with the Minister for the Environment and Local Government, with the consent of the Minister for Finance, issues guidelines regarding section 50 student accommodation. Under these guidelines there is a requirement for a minimum of three bed spaces per unit and a maximum of eight per unit. In this regard, I am informed by the Department of the Environment and Local Government that the 4,718 units certified and completed to date have on average 3.7 bed spaces which amounts to an average of 17,500 bed spaces. The majority of the units certified and completed relate to Dublin, Galway, Limerick and Cork. The following table illustrates the location of the approved units.
The guidelines issued by the Department of Education and Science also contain a requirement that tax-relieved accommodation can only be let to students of a certifying educational institution during the academic year and to non-students outside of the academic year. Claims for tax relief for the capital investment in student accommodation schemes by investors are made under the self-assessment system. In this regard, a certain number of such claims are audited as part of the Revenue Commissioners' audit programme. Part of an audit would involve the inspector of taxes, who deals with the audit, being satisfied that the conditions for claiming the tax relief have been fulfilled, and the investor may be asked to provide evidence that the accommodation has been let solely to students of the certifying educational institution.
Section 50 Units Approved
|
01/04/1999-18/02/2005
|
Carlow
|
79
|
Castlebar
|
22
|
Cork
|
570
|
Letterkenny
|
112
|
Dublin
|
641
|
Galway
|
819
|
Tralee
|
264
|
Maynooth
|
183
|
Limerick
|
1061
|
Sligo
|
356
|
Waterford
|
512
|
Athlone
|
99
|
Total
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4,718
|
Under the terms of the scheme, there is a requirement for a minimum of three bedspaces per unit and a maximum of eight per unit. The average is 3.7 per unit.