Local Property Tax Update

The 2015 pay and file season for Local Property Tax (“LPT”) will be starting soon and Revenue will shortly begin writing to residential property owners to give them the opportunity to decide how and when they want to pay their LPT. Revenue have stated however that they will not be writing to anyone who has opted to pay LPT by deduction at source or by direct debit. Those taxpayers will continue on with their chose method.

Since the initial introduction of the LPT, a total of 14 Local Authorities have decided to reduce the rate of LPT for their respective administrative areas.  One effect of this is that there will be six different rates of LPT for each property value band. The largest reductions were cuts of 15% which have been implemented by all four Dublin councils, as well as Clare & Wicklow County Councils. These reductions will be applied automatically by Revenue i.e. they do not have to be applied for.

Revenue have indicated a 95% compliance rate in respect of 2013 LPT and 94% in respect of 2014 with yields of €318m in 2013 and €385m to date in 2014. The LPT yield includes €33m in Household Charge arrears in respect of 181,000 properties.

Revenue also noted the refusal of 11,962 tax clearance requests and 13,639 income tax surcharges applied for non-compliant self-employed taxpayers and companies. There have been approximately 400 referrals to Sheriffs and over 5,000 valuations have been increased arising from a combination of self-correction and Revenue challenges.

If you would like further information on any of the above please contact one of our tax compliance team and we will be happy to help.

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