The Living City initiative focuses on the regeneration of retail and commercial districts and encouraging people to live in the historic centres of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
The aim of the Living City initiative is to bring life back into the heart of the relevant cities by offering tax relief for qualifying expenditure incurred on the refurbishment or conversion of certain buildings where conditions are met.
Residential element of the initiative
- The residential element of the Living City initiative provides for an income tax deduction for qualifying expenditure incurred on the refurbishment or conversion of a building for use as a dwelling over a ten year period.
- The building must have been constructed before 1915 and be located in a Special Regeneration Area of the city in question.
- The property must be occupied by the claimant as his / her sole or main residence in order to avail of the income tax relief.
Commercial element of the initiative
- The commercial element of the Living City initiative provides for capital allowances over a seven year period in respect of qualifying expenditure incurred on the refurbishment or conversion of a property located in a Special Regeneration Area for use for the purpose of retailing goods or the provision of services within the State.
- The amount of tax relief available under the commercial element of the initiative is effectively capped at €200,000 for any individual project.
You are advised to contact the Revenue Commissioners with queries on the commercial element of the scheme.
Special Regeneration Area
The Special Regeneration Area of each city has been designated by Order of the Minister of Finance and is available to view in the following map: