Revenue has updated the Tax and Duty Manual Living City Initiative which provides guidance on this scheme of property tax incentives. The updated guidance outlines that where an owner-occupier making a claim first occupies the property as their main or sole residence on or after 1 January 2023, relief is available for the first six years at a rate of 15 percent and a rate of 10 percent in the seventh year. Any relief unused can be carried forward for up to nine years after the year in which the claim is first made.
The manual has also been updated as follows:
- Details on the interaction between funding available from local authorities to property owners and relief available under the living city initiative, and
- To reflect the revised De Minimis Regulation on the application of the Treaty on the Functioning of the European Union to de minimis aid. In any three-year period, an undertaking make not receive more than €300,000 in State Aid, from all sources subject to the de minimis regulations. A declaration on the de minimis aid is also required by a claimant when completing their tax return.
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