Taxes Consolidation Act 1997 section 372AAB

Residential accommodation allowance to owner-occupiers in respect of qualifying expenditure incurred on the conversion and refurbishment of Georgian houses

Section 372AAB provides income tax relief for owner-occupiers who incur qualifying expenditure on the conversion or refurbishment of a residential property located in a special regeneration area under the Living City Initiative.

• Owner-occupiers who spend at least €5,000 converting or refurbishing a qualifying property in a special regeneration area are entitled to a deduction from total income spread over a period of up to ten years, subject to the property remaining their only or main residence.
• For expenditure incurred before 1 January 2023, the annual deduction is 10% of qualifying expenditure for up to ten years; for expenditure incurred on or after 1 January 2023, the rate is 15% for the first six years and 10% in the final year, with unused relief in any year capable of being carried forward.
• The property must be used solely as a dwelling and must be the claimant's only or main residence throughout the period of relief; a letter of certification from the relevant local authority is a prerequisite to any claim.
• Claims must be submitted electronically to Revenue, including the claimant's name and PPS number, the property address, the LPT reference number, and the total qualifying expenditure incurred.