Tax relief is available from income tax or corporation tax to the owner/occupier of:
in respect of expenditure incurred on the repair, maintenance or restoration of the approved building or garden.
Quailfying expenditure is treated for tax purposes as if it were a loss in a separate trade carried on by that owner/occupier and the normal rules for giving loss relief apply. Unrelieved qualifying expenditure incurred in a particular chargeable period can be carried forward for two subsequent chargeable periods.
Relief in respect of qualifying expenditure incurred in a chargeable period will be limited to the amount of the expenditure attributable to the actual work carried out during that chargeable period. Tax relief is not available , however, where any such expenditure is otherwise allowable for tax purposes or in respect of sums recoverable by a claimant by way of a grant or reimbursement from any source.
Additional relief up to an aggregate total of €6,350 is available in respect of the following items:
An approved building is one in respect of which determinations have been made:
An approved garden is one in respect of which determinations have been made:
Department of Arts, Heritage and the Gaelacht,
Built Heritage & Architectural Policy Section ,
Room 1.06 (Section 482 ),
Application foms in respect of determinations by the Revenue Commissioners that reasonable access is afforded to the public may be obtained from:
Office of the Revenue Commissioners,
Income & Capital Taxes Division,
1st Floor Stamping Building,
Telephone: 01-6748011 / 7024101
Fax: 01-6799287/ 6795814
Revenue Commissioners must be satisfied that the following minimum requirements are met:
In addition to meeting the Revenue Commissioners requirement regarding reasonable access set out above, claimants for tax relief must also advise Fáilte Ireland regarding access to the approved building/garden. The Revenue Commissioners carry out checks annually to ensure that public access are being met. Also, the public access to buildings in respect of which relief has been claimed can be examined as part of a Revenue audit on the owner/ occupier of those buildings/gardens.
The following conditions apply where the approved building is in use as a guest house:
There is also provision whereby approved buildings can switch from qualification for relief under "reasonable access" to qualification under "guest-house" and vice versa without any clawback of relief.
In order to qualify for relief the expenditure must be incurred on the repair, maintenance or restoration of an approved building or on the maintenance or restoration of any garden or grounds of an ornamental nature occupied or enjoyed with that building.
In order to qualify for relief in respect of an approved garden, the expenditure must be incurred on the maintenance or restoration of the garden.
A claimant is obliged to afford facilities at any reasonable time to authorised officers of the Department of Arts, Heritage and the Gaeltacht and of the Revenue Commissioners to inspect the approved building/garden or to examine the work in respect of which the expenditure to which the claim relates was incurred.
This scheme whereby tax relief of up to €31,750 was available to individuals who incurred qualifying expenditure on an approved building, through participating in a passive investment scheme was abolished with effect from the tax year 2010.
Relief under Section 482 of the Taxes Consolidation Act 1997 is one of the specified relief which is resreicted under the high earners restriction.
Section 137 Finance Act 2008 introduced a new measure to ensure that repayments arising as a result of claims for Section 482 relief for periods falling outside the general 4 year time limit for repayments may be allowed.
There is provision for either the Revenue Commissioners or the Minister for Arts, Heritage and the Gaeltacht to revoke a determination made where the conditions for granting such a determination cease to exist. Any relief granted to a claimant in the five year period immediately before the determination is revoked by the Revenue Commissioners will be clawed back.
Revenue: February 2013