Section 50 S50 Relief is a 'section 23' type relief whereby investors are entitled to deduct the purchase price of the construction, conversion, or refurbishment of student accommodation units, exclusive of the site cost, against Irish source rental income. The relief is available as a deduction in year 1provided the property is let under a qualifying lease. Any section 50 relief unutilised in year 1 may be carried forward for offset against Irish rental income in subsequent years until fully utilised. The rental income may be derived from the Brookfield Hall Developments or from other lettings, commercial or residential, once it originates within the state. The developers have confirmed that the apartments will comply with the guidelines published by the minister for Education and Science. University of Limerick has issued a letter to this effect. Note: The life of the tax break is for ten years. There will be a clawback of any relief used by the investor where the apartment is sold within ten years. Under current legislation subsequent purchasers can claim the original allowances where clawback arises.

Further details from: Castletroy Partnership, Tramore House, Reeveswood, Douglas, Cork
Phone:(021)4292922 Fax:(021)4293800 Email:info@brookfieldcastletroy.com

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