asked the Minister for Finance the loss of tax revenue arising from the introduction of section 29 of the Finance Act, 1988 for 1988 and 1989.
98.
Written Answers. - Finance Act, 1988, Tax Reliefs.
97.
asked the Minister for Finance the number of individuals who have applied for relief on the construction or conversion of qualifying residential premises for letting under section 29 of the Finance Act, 1988.
99.
asked the Minister for Finance the average value of houses in the greater Dublin area qualifying for relief under section 29 of the Finance Act, 1988; and if he will provide information on the average tax benefits to landlords qualifying for such reliefs.
It is proposed to take Questions Nos. 97, 98 and 99 together.
Statistics are not yet available which would enable the information requested by the Deputy to be given. Sections 27, 28 and 29 of the Finance Act, 1988, reintroduced relief granted under section 23 of the Finance Act, 1981, and associated reliefs which provided for the set off of the construction or conversion cost of providing certain rented residential accommodation against rental income. Relief was also provided in respect of the cost of refurbishment of substandard buildings for multiple residential accommodation.
It is tentatively estimated that the cost to the Exchequer of the reintroduction of these reliefs in terms of tax foregone will be negligible in 1988 and may eventually reach a full year cost of £9 million.