LPT

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Local Property Tax new deferral date

Revenue had deferred payments of Local Property Tax paid by single direct debit to 21st May 2020, due to Covid-19.

This has now been further extended to 21st July 2020

If this applies to you, there is no need for you to do anything further as this will automatically be deferred to the new payment date.

While you are here, Read more of our Covid-19 updates here

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Local Property Tax deferred Covid-19

Revenue have confirmed that payments of Local Property Tax paid by single direct debit have been deferred due to Covid-19.

This will now be due for collection on 21st May 2020

If this applies to you, there is no need for you to do anything further as this will automatically be deferred to the new payment date.

This has been implemented to reduce pressure on property owners amid the coronavirus outbreak.

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Target of €500m a year to be achieved from Local Property Tax

As reported in the Irish Times, 18.09.19, the Oireachtas Budgetary Oversight Committee has advised of potential options in overhauling how local property tax is charged and collected. The Oireachtas aim is to minimise charges when valuation increases and have suggested a central rate to achieve this.

In 2018, local authorities collected €470 million in Local Property Tax. The Oireachtas Committee has said the State should set a target of collecting €500 million a year.

Other options put forward include;

  • Local Authorities setting their own targets and rates for each location
  • Facility to defer payments if taxpayer’s income is below threshold of €15,000 or has declared insolvency

Committee chairman Colm Brophy said;

“The committee notes the importance of maintaining simplicity and transparency for taxpayers. Further, from an administrative perspective, a costly and complex system runs counterproductive to the objective of generating additional net revenue,” 

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More Homes to be liable for Local Property Tax

Further from our previous blog on the deferral of amendments to Local Property Tax (LPT) until 2021, Mr Paschal Donohoe is reported to have confirmed that there will be an expansion of properties subject to LPT over time, that won’t result in higher bills for those households that already pay it.

By expanding the numbers of households liable to pay LPT will reduce the need to impose higher property tax on existing LPT payers.

Mr Donohoe stated that;

Any changes have to be modest and affordable’, existing LPT payers ‘doesn’t see a change’. For some, if they do see a change, it’s a change by a single band

As reported in the Irish Independent,

The latest figures from Revenue suggest substantial compliance with the existing LPT regime, with 98pc of assessed households paying the tax in 2018. Revenue says it collected €482m in LPT last year. The owners of around 49,000 properties applied for exemptions citing a wide range of issues, ranging from pyrite damage to charitable use.

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