The Finance Act 2017 now provides for the deduction of pre-letting expenses against rental income where the property has been vacant for at least 12 months and which is then let as residential premises between 25th December 2017 and 31st December 2021.
• The expenditure must have been incurred in the 12 months before the premises is let.
• The deduction is capped at €5,000 per vacant premises.
• If the person who incurs the expenses ceases to let the property as a residential premises within 4 years of the first letting the deduction will be clawed back
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