Dáil Éireann Debate, Wednesday - 17 February 2021
551. Deputy Rose Conway-Walsh asked the Minister for Further and Higher Education, Research, Innovation and Science the value of direct financial supports provided to purpose-built student accommodation providers since 2011, by year; and if he will make a statement on the matter. [8709/21]
Amharc ar fhreagraSection 50 of Finance Act 1999 provided for a student accommodation scheme whereby expenditure incurred on student rental accommodation can be set against the rental income from the property and against other Irish rental income, thus reducing the taxable income of the person incurring the expenditure. The relevant provisions in the Taxes Consolidation Act 1997 are set out in Part 10,Chapter 11, sections 372AK to 372AV.
The scheme has now terminated, in so far as the termination date for incurring qualifying expenditure has now passed. The qualifying period applied up to 31 December 2006, although under certain circumstances the qualifying period could be further extended to 31 July 2008. Claims in relation to qualifying expenditure incurred before the termination date may continue to arise.
Based on the latest data available from Revenue, the number of properties availing of tax relief for student accomodation, and the estimated cost to the exchequer, are as follows:
|
Year |
Uptake |
Estimated Exchequer Cost (€m)* |
|
2018 |
194 |
7.5 |
|
2017 |
247 |
8.8 |
|
2016 |
292 |
9 |
|
2015 |
361 |
11.8 |
|
2014 |
414 |
11.1 |
|
2013 |
537 |
11.9 |
|
2012 |
606 |
12.4 |
|
2011 |
640 |
14.5 |
* Maximum tax cost assumed at 40% for income tax and 12.5% for corporation tax.
2018 is the most recent year for which data are available.
https://www.revenue.ie/en/corporate/documents/statistics/tax-expenditures/property-reliefs.pdf
