Financial Resolution No. 27 is with regard to section 473 of the Taxes Consolidation Act 1997 which provides for tax relief at the standard rate in respect of rent paid by individuals for private rented accommodation which is their sole or main residence. Rent relief was introduced in 1982 and has been increased a number of times since its introduction. The provisional cost of rent relief in 2008 was €97 million. However, since 2008 rents have fallen considerably. CSO figures for the first ten months of the year show that rents fell by 14.5% in 2009 and a further 5.9% in 2010.

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