Holly Cairns
Question:432. Deputy Holly Cairns asked the Minister for Finance if the living cities initiative is going to be extended past 31 December 2022. [44310/22]
View answerThursday, 8 September 2022
Questions (432)
Written answers
The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within ‘Special Regeneration Areas' in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
There are three distinct types of relief available under the Initiative. These are:
- owner-occupier residential relief;
- rented residential relief; and
- commercial or retail relief.
As the LCI is currently due to sunset on 31 December 2022, a review of the Initiative has been undertaken by my Department for consideration as part of the normal budgetary process. The review was included in the papers discussed by the Tax Strategy Group and is available at assets.gov.ie/233358/abdf832e-caa4-4f43-ab6e-26e6f356f9f1.pdf.
Ultimately, the future of the LCI beyond its current sunset date is a matter that will fall to be considered by Government in the context of Budget 2023 and Finance Bill 2022, having regard to the sound management of the public finances, and, as the deputy will appreciate, it would not be appropriate for me to comment on those processes at this time.