Revenue has updated the Tax and Duty Manual regarding payments to property owners under the Repair and Leasing Scheme, which was introduced to bring vacant properties into social housing use. The updated guidance clarifies that the scheme includes both a direct lease agreement and a rental availability agreement and, while both a local authority and an approved housing body (AHB) can enter into a direct lease agreement, only a local authority can enter into a rental availability agreement.
Further clarifications are also provided in relation to the amounts that may be reimbursed under the repair and leasing scheme. References to the Home Renovation Incentive have been removed.
Under the scheme, if a vacant property is suitable for social housing, the cost of necessary repairs is paid by the local authority or an approved housing body (AHB). The owner then leases the property to the local authority or AHB, who will make it available for social housing. The property owner receives an agreed lease payment from the local authority or AHB and the value of the repairs is gradually offset against this lease payment over the period specified in the lease.
LOADING...