The Gazette 1983

Important Message for Investors/Landlords Are you aware that ifyou have rental incomefrom new or old offices, shops, factories, houses or flats you can enjoy tax-free relief in the years ahead? How By purchasing one or more apartments which qualify for Section 23 of the Although Section 23 relief has been extended for a further 3 years to 31 st March 1987 by Section 29 of the Finance Act 1983 one very significant change has been made to the legislation. Relief in respect of construction expenditure carried out after 31 st March 1984 will only be available for set-off against rental income from that actual property. It will not be available for set-off against other Case V rental income. Solution Therefore if one wishes to enjoy the full and substantial benefits of Section 23 in the years ahead, it is essential to buy a qualifying apartment or house which will be constructed by 31 st March 1984. It would not actually have to be let by that date unless relief was being claimed in respect of previous years rental income i.e. current year Case V income. You should contact your accountant or tax advisor immediately to discuss the matter. Act Now Ensure that you avail of this unique tax-shelter before the door closes. Apart from the considerable tax-saving element it is also worth noting that well-located apartments have consistently shown outstanding capital appreciation and this is expected to continue throughout the eighties. The move to convenience living prompted by the rising cost of fuel plus the security afforded by apartments are major factors in this regard. Rental accommodation, including Section 23 units has been specifically excluded from the new income-related residential property tax. On request we will be pleased to forward to you and/or your accountant/tax advisor our Monthly List of qualifying apartments and our free Guide Booklet (and latest changes) to the Section 23 legislation. Hooke & MacDonald M.I.A.V.I. Specialists in Apartment Sales 19 Clare Street, Dublin 2. Tel. 601500. 1981 Finance Act. Warning