Illustration of tax breaks for investors
at Battery Court
BATTERY COURT - OWNER OCCUPIERS - FIRST TIME BUYERS
CALCULATOR FOR TAX RELIEF AND AFFORDABILITY
House Price
€350,000
Stamp duty (Battery Court qualifies for full relief)
€0
Mortgage
€250,000
Personal savings
€100,000
Monthly mortgage repayment
€1,251.56
Tax relief at source on mortgage interest
€133.33
Rural renewal tax allowance
€551.25
Net monthly cost to you
€566.98
Battery Court qualifying expenditure for tax relief
90% of purchase price
The illustration is based on a couple
with sufficient income at the 42% tax rate to absorb the rural
renewal allowances taking out a 25 year mortgage at a variable
interest rate of 3.5%
Example assumes house construction complete by 31 December 2006.
BATTERY COURT - OWNER OCCUPIERS (NOT FIRST TIME
BUYERS)
CALCULATOR FOR TAX RELIEF AND AFFORDABILITY
House Price
€350,000
Stamp duty (Battery Court qualifies for full relief)
€0
Mortgage
€250,000
Personal savings
€100,000
Monthly mortgage repayment
€1,251.56
Tax relief at source on mortgage interest
€133.33
Rural renewal tax allowance
€551.25
Net monthly cost to you
€566.98
Battery Court qualifying expenditure for tax relief
90% of purchase price
The illustration is based on a couple
with sufficient income at the 42% tax rate to absorb the rural
renewal allowances taking out a 25 year mortgage at a variable
interest rate of 3.5%
Example assumes house construction complete by 31 December 2006.
BATTERY COURT - INVESTORS
CALCULATOR FOR TAX RELIEF AND AFFORDABILITY
House Price
€350,000
Rural renewal tax allowance
€315,900
Tax Saving for Top Rate Taxpayers
€148,050
Battery Court qualifying expenditure for tax relief
90% of purchase price
The Rural Renewal allowances can be used to shelter
rental income from this property and all other Irish rental
income from any source - houses, apartments, commercial buildings,
land etc.
The allowances are granted in full in the first year
in which the property is let. A landlord with sufficient Irish
rental income can therefore avail of the full tax savings
immediately. Others can carry forward allowances and use in
future years. There is no time limit within which the allowances
must be used.
Example assumes house construction complete by 31 December
2006.
