No. 2 Ballyhoura Forest Park, Ballyorgan, Kilmallock, Co. Limerick

Unique Investment opportunity. 3 bedroom detached holiday home with substantial section 23 tax relief. This property is part of a forestry holiday complex in the village of Ballyorgan, Kilmallock.

Relevant taxation legislation:
It is intended that the holiday cottages will be registered with Bord Failte under their classification system for approved self catering accommodation. This system is made up of one,two, three and four star accommodation. The cottages will be furnished and equipped to a four-star standard.

By virture of registering the Holiday Cottages with Bord Failte,the scheme will qualify for a valuable tax relief which will provide a shelter against tax on profits arising.

The relief is available under Section 255(1) Income Tax Act 1967 and allows for a tax write off [referred to as Capital Allowances] in respect of the construction cost of each Holiday Cottage.

The Capital Allowances are granted at a rate of 10% per annum for 10 years i.e a 100% write off of the construction expenditure.

Unutilised Capital Allowances from earlier years can be carried forward indefinitely to future years profits from the same trade.
In the event of a partnership being used to own and operate the holiday home scheme no additional tax liability will arise on profits distributed to partners.

By appointment only