There will be no tax benefit for wealthy philanthropists who lease property for free to Dublin’s Simon Community, under a new plan drawn up by the charity to help house people who are homeless. Dublin Simon hopes to secure enough funding to buy 50 one and two-bedroom units in the greater Dublin area over the next two years, with the properties expected to cost €250,000-plus each. ProfitIf investors buy the property and then allow Dublin Simon to lease them for free, no tax benefit will accrue to them and they will have to pay 1 per cent stamp duty upon purchasing the property. He doesn’t expect the new fund to detract from other Dublin Simon schemes. Dublin Simon will be responsible for choosing suitable tenants, collecting rents, repairing and maintaining the properties, and returning them to the benefactors in good condition at the end of the lease period.

Source: The Irish Times July 08, 2019 11:03 UTC