BETTER tax incentives and an extension of tax relief schemes are on the cards after Budget 2023 to help the owners of Georgian buildings in Limerick make improvements so they can be lived in.
Limerick TD Kieran O’Donnell has welcomed the inclusion of these measures suggested by him and others in the budget.
A range of significant recommendations submitted to Minister Paschal Donohoe and the Department of Finance to improve the Living City Initiative will be key in ensuring a stronger take-up for Georgian Limerick city residential buildings, according to Deputy O’Donnell.
With much of that shopping list included in the budget announcements, Deputy O’Donnell said that he very much welcomed “the significant changes announced in the budget by Finance Minister Paschal Donohoe to enhance the attractiveness and take-up of the Living City Initiative (LCI) scheme for Georgian Limerick”.
“These key changes involve the scheme being extended for a further five years to December 31 2027 which secures the future of the scheme, the relief period shortened by three years to seven from ten years for owner occupiers, as well as allowing for carry forward of unclaimed relief in a year for owner occupiers.
“This is a big issue for us in Limerick city centre where we have a significant Georgian quarter footprint,” Deputy O’Donnell added.
“The scheme’s purpose is beneficial and today’s practical budget changes to the LCI scheme announced by Finance Minister Paschal Donohoe will mean the city can maximise its potential in our Georgian buildings.
“As well as the other changes, extending the scheme for a further 5 years provides the necessary certainty and timeframe for owner occupiers to plan and avail of the scheme to live in Limerick City Centre.
Deputy O’Donnell noted that many of the historic buildings present problems for owners who would like to convert their properties as living spaces but are challenged in terms of accessibility and safety regulations.
