This afternoon, the Department of Finance has published a range of documents subsequent to the Budget 2013 announcements in December 2012 which will be of interest to you. The documents are available here.
The audience on here will be interested in Real Estate Investment Trusts (REITs) which are given legal effect by section 25A of the 2013 Finance Bill, and it looks as if we have REITs now, as long as you can convince the Revenue Commissioners that your REIT arrangements comply with the terms of the Finance Bill, terms which on first reading seem straight-forward and expected.
You will also be interested in the newly-announced exemptions to the so-called “Local Property Tax” which kicks in from the middle of 2013 and which will be levied at 0.18% of your property value up to €1m and 0.25% on any excess over that. In 2013, there is a 50% discount.The new exemptions are for charities, the disabled and for property damaged by pyrite, a material which contaminated some buildings and which is liable to expand over time and cause cracking.
