Revised Living City Initiative Tax Incentive in place since 1st January 2017
Revisions include the inclusion of a rented residential element, the removal of floor space restrictions.
Download the Tax and Duty Manual Revenue here.
The Living City Initiative is a scheme of property tax incentives designed to regenerate both historic buildings and other buildings in Limerick.
A team has been established by Limerick City and County Council to manage the roll out of the Living City initiative to regenerate a core part of the city centre.
The team, based in the Council's Urban and Village Renewal Department in Patrick Street, will manage this revised initiative which offers income tax deductions to people carrying out refurbishment of homes, rental properties, commercial and retail spaces in special regeneration areas of historic Limerick. Download a map of Special Designated Areas of Limerick City here.
The initiative is broken into two parts; residential and commercial.
Owner/Occupier Residential Relief will offer an income tax deduction, over ten years, for qualifying expenditure on the refurbishment or conversion of a building for use as a dwelling. To qualify the building must be built before 1915 and be located in one of the Special Regeneration Areas in the city. The residential tax relief is only available to owner/occupiers and is not on offer to landlords.
Rented Residential and Commercial Relief is given in the form of an accelerated capital allowance for qualifying expenditure on refurbishment or conversion of rented residential and certain commercial premises within the special regeneration areas. The capital allowance is given at the rate of 15% of qualifying expenditure for each of 6 years and 10% in year 7. In the case of a commercial premises it must be used, after refurbishment/conversion, for retail purposes or for the provision of services within the State or the premises must be let on bona fide commercial terms for such use. In the case of a rented residential premises, which must have been originally built prior to 1915, it must be let on bona fide commercial terms, after refurbishment /conversion, for use as a dwelling by the lessee. This relief applies to landlords.
How to Apply?
Those interested in participating in the scheme should read the FAQ document and fill out the application form below.
In relation to queries please contact:
Urban and Village Renewal Department
Limerick City and County Council
7-8 Patrick Street, Limerick, V94 XF67
Phone: +353 61 557037
The scheme also includes the centres of five other Irish cities – Dublin, Cork, Galway, Waterford and Kilkenny.