Under the Government's Housing for All plan, the Department of Finance committed to review, by Q3 2022, the recommendations from the 2017 Report of the Working Group on the Tax and Fiscal Treatment of Rental Accommodation Providers.This review was undertaken as part of the Tax Strategy Group (TSG) process. The report of the review was published on 10 August 2022 as part of the TSG paper on Property-Related Tax Issues. It is available on pages 44 to 63 at the following link: assets.gov.ie/233358/abdf832e-caa4-4f43-ab6e-26e6f356f9f1.pdf
Following the review, and as I announced in the Budget, I intend to amend to Section 97A of the Taxes Consolidation Act, 1997, which provides for a deduction against rental income for pre-letting expenditure incurred on a residential premises that have been vacant for more than twelve months. The Deputy may be aware that Finance Bill 2022 contains a provision which will double the eligible expenditure limit from €5,000 to €10,000 and halve the period for which a property must be vacant prior to letting from twelve to six months. These amendments are intended to support owners of residential property in bringing dwellings into the rental market as well as maintaining the stock of rented property.