Sunday, 8 November 2009

Government Section 23 tax shelters avoid "sharing the pain" for some.

It’s stunning. Amid the talk of us all having to “share the pain” to deal with the economic disaster and the black hole in the public finances created by this Government, one of the official wheezes that led to the false boom - and very real bust - is still very much in evidence. Namely the property-based tax shelter for investors.

Today’s Sunday Business Post carries a half-page ad on the back page of its property section, inviting the wealthy to avoid paying tax by investing in a Section 23 apartment scheme in Athlone called Bastion Court.

And I quote:

“BETTER OFF IN YOUR POCKET? IF YOU HAVE A TAX BILL YOU CAN INVEST IN REAL VALUE INSTEAD OF WRITING A CHEQUE TO REVENUE”.


How can this be?

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5 comments:

bigphathar said...

How can this be? It's Ireland, where the electorate keeps voting for right wing gombeen politicians...

Anonymous said...

In case you are interested Section 23 tax relief relates to the building of holiday homes. One of the key conditions is that it must be rented for 10yrs - helping to bring in 10years worth of tourist bucks!!

Harald75 said...

How can this be?

R U really asking this question, GM?
Don't tell me you're surprised by things like that? ;-)

Anonymous said...

Given the desperate state of the property market particularly in provincial towns such as Athlone I think I would rather pay the tax than rack up more debt to buy these over priced shoeboxes were I in such a position of course.

Anonymous said...

GDAY gm the only people requiring tax shelter in eyerland are the bankruptcy and foreclosure merchants mainly because of sec 23, what a great little country no wonder the english are green with envy