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Living City Initiative An Urban Regeneration Tax Incentive Scheme

Cork City Council announces details of the revised Living City Initiative. 

The Living City Initiative is a Department of Finance tax incentive scheme to encourage the refurbishment and repair of residential and commercial buildings in Special Regeneration Areas of Cork City. 

Tax relief is offset against the costs of the works carried out within the period  5th May 2015 - 4th May 2020. 

The residential element of the initiative provides an income tax deduction over a ten year period for qualifying expenditure incurred on the refurbishment or conversion of a building for use as a dwelling. The building must have been constructed before 1915 and be located in a Special Regeneration Area of Cork City. This year the scheme has been opened up to investors and landlords as well as owner occupiers of residential.  

The commercial element of the initiative provides for capital allowances over a seven year period in respect of qualifying expenditure incurred on the refurbishment or conversion of a property located in a Special Regeneration Area for retail use. The amount of tax relief available under the commercial element of the initiative is effectively capped at €200,000 for any individual project. 

Further details of the scheme including applications forms and detailed maps of regeneration areas are available at the website: corkcity/livingcity.ie

More general information about the scheme is available at:  www.revenue.ie/en/tax/it/leaflets/living-city-initiative

Cork City Council welcomes queries and applications for this scheme.

Interested parties are invited to contact the Council’s LCI officer at:

livingcity@corkcity.ie or Tel: 021 4924086

Planning Policy

Strategic Planning & Economic Development Directorate

Cork City Council

City Hall, Cork

 

 

 

 

 

 

 

 

 

 

 

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