Thomas McGibney & Company

Chartered Accountants & Registered Auditors

Main Street, Virginia, Co. Cavan. Phone 049 8549966

Registered to carry on audit work and authorised to carry on investment business by the Institute of Chartered Accountants in Ireland

Property Taxes 2002

Rural Renewal Scheme
The Rural Renewal Scheme had been due to expire on 31 December 2002.

This deadline is being extended to 31 December 2004.

EU Commission approval will be required to extend this deadline for the parts of the scheme relating to tax reliefs for business.

Similar extensions have been announced (subject to some conditions and variations) for the

	Urban Renewal Scheme
	Park and ride' facilities
	Multi-Storey Car Parks
	Student Accommodation Relief Scheme

Interest Relief

Investors will, once again, be able to claim interest relief against their rental income from residential properties. This applies to interest arising after 1 January 2002.

Stamp Duty

With effect from Budget Day (6 December 2001) Stamp duty rates for investors in residential property, will be the same as those payable by most owner occupiers

The rates are as follows:

Purchase Price IR£	Purchase Price €	Rate
Up to £100,000	Up to €127,000	Exempt
£100,001 to £150,000	€127,001 to €190,500	3%
£150,001 to £200,000	€190,501 to €254,000	4%
£200,001 to £250,000	€254,001 to €317,500	5%
£250,001 to £300,000	€317,501 to €381,000	6%
£300,001 to £500,000	€381,001 to €635,000	7.50%
Over £500,000	Over €635,000	9%

Thomas McGibney & Company

Chartered Accountants & Registered Auditors

Phone / Fax

049 8549966