New rental deduction for certain pre-let expenditure
Revenue has published guidance on the rental deduction available for expenses incurred on a vacant residential premises prior to it being first let.
Finance Act 2017 introduced section 97A into the Taxes Consolidation Act 1997 to provide for a deduction against rental income for “pre-letting” expenditure. The guidance from Revenue explains how the section applies and the conditions attaching to the deduction.