Dáil Éireann - Volume 543 - 06 November, 2001

Written Answers. - Tax Reliefs.

Ms O. Mitchell Ms O. Mitchell

537

[537] 330. Ms O. Mitchell asked the Minister for Finance the number of property owners who have claimed tax relief under section 34 of the Finance Act, 2001. [26932/01]

Mr. McCreevy Mr. McCreevy

Minister for Finance (Mr. McCreevy): Section 34 of the Finance Act, 2001, restores tax relief for interest on borrowings to purchase, improve or repair certain rented properties converted into multiple residential units before 1 October 1964, when the 1963 planning legislation came into force. Relief under section 34 of the Finance Act, 2001, is available, subject to certain conditions, in respect of rental income from pre-1963 properties purchased on or after 5 January 2001. The relief consists of a deduction in computing the profit from the rent from the property in respect of interest on money borrowed to purchase, improve or repair the property. Returns of income, on which the relief will be claimed under self-assessment, for the first year for which the relief may be claimed, 2000-01, are not due to be filed by taxpayers until 31 January 2002. However, I am informed by the Revenue Commissioners that it is only the net profit figure, after deduction of the interest, which will be recorded by them. Accordingly, Revenue statistics will not identify the number of landlords claiming under section 34.

Ms O. Mitchell Ms O. Mitchell

331. Ms O. Mitchell asked the Minister for Finance if his attention has been drawn to the anomalies encountered by those seeking to claim tax relief under section 34 of the Finance Act, 2001; and in that context if he will indicate the instructions or guidelines which have been given to community welfare officers or health boards about the administration of the scheme. [26933/01]

Mr. McCreevy Mr. McCreevy

Minister for Finance (Mr. McCreevy): The Revenue Commissioners have advised me that they are not aware of any anomalies encountered by those seeking to claim tax relief under section 34 of the Finance Act, 2001. If the Deputy is aware of such anomalies, however, she should write to me directly on the matter, giving full details and I will have the issue examined. I am further informed by the Revenue Commissioners that as community welfare officers or health boards have no function in granting relief under section 34, it is neither necessary nor appropriate to issue instructions or guidelines to them in the matter.

Dáil Éireann 543 Written Answers. Tax Reliefs.

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