Property

Housing

Housing remains a priority for the Government with €2.3bn being allocated for housing in 2019. There will be investment of €1.25bn to assist in the delivering of 10,000 new social homes in 2019. 

Infrastructural funding available for subsidised housing is also being increased from €40,000 up to a maximum of €50,000. The Government will announce the funding for the first sites. Income eligibility limits of €50,000 for a single applicant and €75,000 for dual applicant households will apply.

Landlord Tax Relief

A full interest deduction will be available for landlords in respect of loans taken out to purchase, improve or repair a residential property from 1 January 2019.

Young Trained Farmer Relief

The exemption from stamp duty on the transfer of land to young trained farmers where certain conditions are met has been extended for a further three years to 31 December 2021. 

Local Property Tax (LPT)

The Minister for Finance stated in respect of LPT that "any future changes will be moderate and affordable" and that a report would be published shortly.

Accelerated Capital Allowances (ACAs) for Employer-Provided Fitness and Childcare Facilities 

This measure was introduced by the Finance Act 2017. It has been amended and will commence with effect from 1 January 2019. Its purpose is to incentivise employers to provide fitness and/or childcare facilities for the use of their employees. The employer will be able to avail of 100% write-off on the cost of the equipment which qualifies for ACAs.

Accelerated Capital Allowances (ACAs) for Gas-Propelled Vehicles and Refuelling Equipment

Expenditure incurred on gas-propelled vehicles and refuelling equipment may qualify for ACAs and avail of 100% write off on the cost in the year of acquisition.

For further information on Budget 2019, please contact Brian Duffy or your usual William Fry Tax contact.