Our letter to Kevin Cardiff (Dept. of Finance) regarding Section 23 properties

We felt compelled to seek an explanation of the change in rules surrounding Section 23 properties in the recent budget.

This is effectively retrospective taxation and the changes were never set out or implied in the original contracts for the properties.

Changing tax law after the fact is generally considered bad policy, and in some cases it may even be unconstitutional.

A copy of our letter to Kevin Cardiff (pictured inset) is below.


Kevin Cardiff Secretary General Department of Finance Government Buildings Upper Merrion Street Dublin 2

16th December 2010,

Regarding changes made to Section 23 allowances in the 2011 Budget.

Dear Mr. Cardiff,

Section 23 was set out to encourage urban renewal, which was duly provided and paid for by willing investors in return for certain contractual tax incentives which would have an effect of reducing an investors Case V tax bill in return.

The removal of this before the 10yr deadline and ring-fencing of same is effectively breaking a contract with the people …

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