www.citysquare.ie Section 23 Type Tax Incentives
www.citysquare.ie Section 23 Type Tax Incentives
www.citysquare.ie Section 23 Type Tax Incentives
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<strong>Section</strong> <strong>23</strong> <strong>Type</strong> <strong>Tax</strong> <strong>Incentives</strong><br />
city living, city loving<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
city living<br />
Wake up in a vibrant city that has every conven<strong>ie</strong>nce at your doorstep.<br />
Steeped in culture, soaked in atmosphere and saturated with<br />
entertainment, Cork City is a place you will want to call home.<br />
City Square is an ultra-modern development of 1,2 and 3 bedroom<br />
apartments and duplex units in the heart of our exciting city. All units<br />
are available with tax-saving incentives for both owner-occup<strong>ie</strong>r and<br />
the investor.<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
city location<br />
Just a short stroll from your front door, the many delights of Cork<br />
City await. St.Patrick's Street (twice voted Ireland's best shopping street)<br />
is at the centre of over a million square feet of shops, ranging from<br />
Merchants Quay Shopping Centre to funky little boutiques in the<br />
Huguenot quarter. Other shopping opportunit<strong>ie</strong>s include Blackpool<br />
shopping centre and retail park, Mahon Point and two shopping<br />
centres in Douglas.<br />
The English Market is easily accessible for those who like the nice things<br />
in life and, speaking of food, some of Ireland's finest restaurants and<br />
coffee shops are also within striking distance.<br />
An easy drive from your city home will take you quickly to the many<br />
attractive beaches and countryside locations that East and West Cork<br />
have to offer.<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
nights come alive<br />
Cork’s pulsating nightlife offers a wide range of choice. Enjoy a night at<br />
the theatre, a trip to the cinema, laughing at the comedy club, catching<br />
up with fr<strong>ie</strong>nds bowling or sampling fine food and wines at one of the<br />
many gourmet restaurants.<br />
This is just a taste of what awaits you at City Square, and if all becomes<br />
a little too much, you are never more than a short walk from your pillow.<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
outer space<br />
With three magnificently landscaped garden areas, residents of City<br />
Square may easily relax in the open air. Surrounded by lavish planting<br />
and tranquil water features, these gardens are inviting areas in which to<br />
unwind in peaceful surroundings.<br />
If you prefer more private outdoor space, all units at City Square have<br />
spacious private balcon<strong>ie</strong>s or terrace areas, some large enough to host<br />
your house-warming party!<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
delicious detail<br />
Kitchen<br />
• Custom designed Italian fitted kitchens with integrated oven,<br />
hob, fridge freezer, dishwasher and stainless steel extractor fan<br />
• Tiled splashback<br />
• Single drainer sink with chrome tap<br />
Utility<br />
• Italian designed high gloss units<br />
• Washer/dryer<br />
Living Room<br />
• Fireplace to penthouses<br />
• Extensive use of glazing ensures maximum light to every unit<br />
Bedrooms<br />
• T.V. & telephone points<br />
• Feature built-in Italian designed wardrobes<br />
Bathroom<br />
• Chrome fittings<br />
• Contemporary designer sanitary ware<br />
• Pressurised water system to ensure high powered showers throughout<br />
• Heated towel rail<br />
• Tiled floor<br />
• Tiled walls<br />
General<br />
• High ceilings<br />
• Solid Ash veneer exterior door<br />
• Double glazed Upvc windows<br />
• Acoustic sound barr<strong>ie</strong>r on floors of all residential units<br />
• Lift access<br />
• Courtyard areas professionally landscaped<br />
• Video entry system & video access control<br />
• Individual card & keypad access to car-park,<br />
common areas and lobb<strong>ie</strong>s<br />
• Individual letterbox in main entrance lobby<br />
• Wired for burglar alarm<br />
• Fire alarm fitted<br />
• Energy-effic<strong>ie</strong>nt, centralised gas-fired central heating system,<br />
ensuring lower heating & water costs<br />
• Spacious tiled or paved balcon<strong>ie</strong>s and terraces<br />
• Centralised satellite system<br />
• 24 hour caretaker on site<br />
• On site car-park manager<br />
• Ample sockets provided throughout each unit<br />
• Central boiler system<br />
• Professional management company in place<br />
• Communal areas finished with tiles and carpets<br />
• Fully decorated<br />
• Lighting to all balcon<strong>ie</strong>s and terraces<br />
• Sensor lighting to communal areas<br />
• Prem<strong>ie</strong>r structural guarantee<br />
• Secure basement parking<br />
• Fit-out package available<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
location map<br />
& site plan<br />
THE<br />
GALLERY<br />
To Blackpool<br />
Shopping Centre >><br />
N20 to Mallow<br />
New Revenue<br />
Commissioner's Office<br />
Watercourse Road.<br />
THE<br />
PLAZA<br />
THE<br />
COURTYARD<br />
North City Link<br />
THE<br />
GALLERY<br />
Bleasby St.<br />
To Blackpool<br />
Shopping Centre >><br />
N20 to Mallow<br />
Shandon<br />
Allinetts Rd.<br />
THE<br />
PLAZA<br />
Hillgrove Lane<br />
Watercourse Rd.<br />
North City Link<br />
Lavitt's Quay<br />
Paul Street<br />
Cork Opera House<br />
St. Paul's St.<br />
Shopping Centre<br />
Carroll's Quay<br />
Christy Ring Bridge<br />
St. Patrick's St.<br />
Camden QuaySt. Patrick's Quay<br />
St. Patrick's Street<br />
Merchant's Quay<br />
Shopping Centre<br />
THE<br />
COURTYARD<br />
Washington St.<br />
St. Patrick's Street<br />
Oliver Plunkett St.<br />
Grand Parade<br />
To St. Patricks St. >><br />
South Main Street<br />
South Mall<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
tax saving opportunit<strong>ie</strong>s<br />
<strong>Tax</strong> savings are available to owner occup<strong>ie</strong>rs and investors in the form of<br />
<strong>Section</strong> <strong>23</strong> type rel<strong>ie</strong>fs at City Square.<br />
• Owners who live in the development pay reduced income tax on income<br />
from all sources including PAYE income for 10 years<br />
• Investors are entitled to a deduction from Irish Source rental income<br />
equal to the ‘qualifying expenditure’ (see example below).<br />
Benefits to Owner Occup<strong>ie</strong>r<br />
If you work, you pay tax on your earnings. Large savings on income tax are<br />
available if you buy and live at City Square. Also, you may not be aware of<br />
the following benefits:<br />
• Owners pay no stamp duty<br />
• Owners get Mortgage Interest Rel<strong>ie</strong>f on borrowings<br />
• Owners may rent a room tax free up to €633 per month<br />
The following three examples shows an owner earning €35,000 per<br />
annum buying each type of unit:<br />
SCENARIO 1 BED 2 BED 3 BED<br />
Purchase Price €285,000 €360,000 €400,000<br />
Qualifying cost – say 76.00% 76.00% 76.00%<br />
Qualifying expenditure €216,600 €273,600 €304,000<br />
Rel<strong>ie</strong>f available on 50% €108,300 €136,800 €152,000<br />
Amount available p.a. €10,830 €13,680 €15,200<br />
BEFORE TAX RELIEF<br />
Annual salary 35,000 35,000 35,000<br />
Single person<br />
First €34,000 @ 20.00% 6,800 6,800 6,800<br />
Balance €1,000 @ 41.00% 410 410 410<br />
7,210 7,210 7,210<br />
LESS<br />
Personal tax credit (1,760) (1,760) (1,760)<br />
PAYE tax credit (1,760) (1,760) (1,760)<br />
INCOME TAX 3,690 3,690 3,690<br />
INCOME 35,000 35,000 35,000<br />
RENT A ROOM 0 0 0<br />
LESS TAX (3,690) (3,690) (3,690)<br />
NET INCOME AFTER TAX 31,310 31,310 31,310<br />
WITH TAX RELIEF<br />
Annual salary 35,000 35,000 35,000<br />
Less tax rel<strong>ie</strong>f (above) (10,830) (13,680) (15,200)<br />
TAXABLE INCOME 24,170 21,320 19,800<br />
Single person<br />
All income @ 20.00% 4,834 4,264 3,960<br />
Balance €0 @ 41.00% 0 0 0<br />
4,834 4,264 3,960<br />
LESS<br />
Personal tax credit (1,760) (1,760) (1,760)<br />
PAYE tax credit (1,760) (1,760) (1,760)<br />
INCOME TAX 1,314 744 440<br />
INCOME 35,000 35,000 35,000<br />
RENT A ROOM 0 7,596 7,596<br />
LESS TAX (1,314) (744) (440)<br />
NET INCOME AFTER TAX 33,686 41,852 42,156<br />
SAVINGS<br />
<strong>Tax</strong> 2,376 2,946 3,250<br />
Rent a room 0 7,596 7,596<br />
Total 2,376 10,542 10,846<br />
2,376 10,542 10,846<br />
• No Travel Costs<br />
• No Travel Time<br />
• No Traffic Jams!<br />
Benefits to Investor<br />
If you own other Irish investment property and you buy at City Square, you are<br />
entitled to a deduction from Irish source rental income equal to the qualifying<br />
expenditure. For example:<br />
SCENARIO 1 BED 2 BED 3 BED<br />
Purchase Price €285,000 €360,000 €400,000<br />
Qualifying cost – say 76.00% 76.00% 76.00%<br />
Qualifying expenditure €216,600 €273,600 €304,000<br />
• These amounts are available as "S<strong>23</strong>" rel<strong>ie</strong>f for offset against an Investors Irish source rental income only<br />
• Please note that these are "specif<strong>ie</strong>d rel<strong>ie</strong>fs" and restrictions will apply in 2007 and subsequent years, where an<br />
investor wishes to claim more than €250k pa in "specif<strong>ie</strong>d rel<strong>ie</strong>fs" in a year.<br />
• Capital allowances are also available on fitout of unit<br />
• Investors also have the benefit of mortgage interest rel<strong>ie</strong>f on borrowings<br />
All examples are for illustration purposes only - prices will vary throughout development
other Frinailla developments<br />
Castletreasure, Douglas<br />
Orchard Gardens, Dennehy’s Cross<br />
Cois nahAbhainn, Midleton<br />
Grand Parade Plaza, Cork City<br />
The particulars in this brochure are for guidance only and do not form part of any<br />
contract. Maps and plans are not drawn to scale and measurements are approximate.<br />
Intending purchasers must satisfy themselves as to the accuracy of the details given<br />
to them verbally or as part of this brochure. Such information is given in good faith<br />
and bel<strong>ie</strong>ved to be correct, however, neither the developers nor their agents shall be<br />
held liable for any inaccurac<strong>ie</strong>s therein. The developer reserves the right to alter,<br />
amend or change the specification prior to and during the construction phase without<br />
prior notice to any other individuals whatsoever.<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong>
Selling Agents<br />
Savills Hamilton Osborne King<br />
12 South Mall<br />
Cork<br />
Tel: 021 4271371<br />
Fax: 021 427<strong>23</strong>48<br />
Email: cork@savills.<strong>ie</strong><br />
Developer<br />
<strong>Tax</strong> Consultants<br />
Deloitte,<br />
6 Lapps Quay, Cork.<br />
<strong>www</strong>.<strong>citysquare</strong>.<strong>ie</strong><br />
Accountants<br />
O’Connor, Pyne & Co.<br />
Exchange House, Main Street,<br />
Ballincollig, Co. Cork.<br />
Solicitor<br />
Sean O'Riordan,<br />
Fitzgerald Solicitors,<br />
6 Lapps Quay, Cork.<br />
Architect<br />
Kiosk Architects,<br />
56 MacCurtain Street, Cork.<br />
Contractor<br />
John Paul Construction<br />
Euro Business Park,<br />
Little Island, Cork.
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