Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I should make clear to the House that the issue Deputy Naughten has raised is frequently raised with me in my constituency and elsewhere.

Currently, there are no tax incentive measures specifically targeted at the providers of student accommodation. Section 50 of the Finance Act 1999 provided for a student accommodation scheme whereby expenditure incurred on student rental accommodation could be set against the rental income from the property and against other Irish rental income, thereby reducing the taxable income of the person incurring the expenditure. The relevant provisions in the Taxes Consolidation Act 1997 are contained in Part 10. That scheme has now terminated insofar as the termination date for incurring qualifying expenditure has now passed.

Deputy Naughten has raised the issue with me and I entirely accept the seriousness of the matter he is raising. I know the issue really matters to students and their families. Currently, no tax exemptions are available for the development of purpose-built student accommodation. Any tax reliefs that are now being drawn down are on the basis of decisions made in our past.

I am not in a position to change the nature of tax relief schemes that existed before this point or intervene in how they are being drawn down. I accept that the point raised by the Deputy is very important. As Minister with responsibility for finance, I do not have policies that are capable of dealing with the issues raised by him. They are matters for the Departments of Education and Skills or Housing, Planning and Local Government.

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