The tax implications of Civil Partnerships – NooneCasey Radio
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Tag: Property
Understanding Local Property Tax
The deadline date for electronic filing of Local Property Tax returns is 28 May 2013.
In this video, Chartered Accountants Ireland Director of Taxation Brian Keegan explains how this is a self-assessment tax, where the obligation is on the individual to ensure information held by Revenue is correct. He also looks at the tax from the perspective of self-employed people and PAYE workers and talks about ways to file.
If you have any questions about your Local Property tax contact Anthony Casey with your queries
Opting Out of Commercial Leases
Since the enactment of the Civil Law (Miscellaneous Provisions) Act 2008 any Commercial Tenant is entitled to opt out of his Statutory entitlement to a further Lease of between five and twenty years which automatically arises after leasing a Commercial Premises for five years or more.
BUDGET 2012: PROPERTY TAXES
Flowing from Tuesday’s Budget, high earners can expect further restrictions on property tax reliefs and every buy-to-let investor can expect more reductions in the amount of mortgage interest they can offset as an expense against rental income, The Sunday Business Post reports.
BUDGET 2012: SECOND HOME
Proposals to increase the €200 non-principal private residence (NPPR) charge could raise up to €100m in additional revenue a year for local authorities, with both coalition partners favouring significant increases.
TAX INVESTORS GO LEGAL
A group of tax investors in the Portlaoise Heritage hotel are suing their tax consultant and an adviser involved in the deal, says the Sunday Times. The group are examining various legal remedies “on account of their personal recourse to ACC Bank, which funded the four-star hotel, for interest payments totalling over €1million a year”.
The Portlaoise Heritage hotel has been in receivership since June 2010. Experts say it’s unusual for tax investor syndicates to find themselves liable for interest payments in this way.
DECLINE IN WEALTH
The wealth of the average household fell by €100,000 between late 2008 and the end of 2010, mainly due to the collapse in property prices, The Sunday Business Post reports.
SECOND PROPERTY TAX DEADLINE
Who needs to raise income tax when you have a plethora of levies to choose from? Owners of second properties – or who even only have one property but who perhaps can’t keep up the mortgage repayments and are renting it out to someone else – have just over a week left to stump up €200 for the privilege.
MORTGAGE UPDATE
One in three homeowners who have taken out a mortgage since 2004 now find themselves in negative equity, according to Central Bank figures, The Sunday Business Post reports. The Central Bank estimates around one in eight of all Irish households are in negative equity but the figures rise dramatically for those who took out their mortgages more recently.
MORE BANKING BAILOUTS
Analysis of the bank stress tests and details of the restructuring dominated the headlines this weekend. The estimated bill for rescuing the Irish banking sector increased by €24 billion last week and now stands at €70bn with only two main banks remaining as financial “pillars” – Bank of Ireland and an AIB/ESB hybrid. Irish Life & Permanent will sell off its life assurance arm and permanenttsb will be hived off as a niche mortgage bank or wound down.
PROPERTY TAX
Reminder: annual charges on investment properties and holiday homes is due.
Property owners are now liable for the 2011 non-principal private residence charge of €200. The main types of properties liable are private rented properties, vacant properties – apart from unsold new houses – and holiday homes. If a property is let in several units, the charge applies to each individual unit. Property owners have from March 31 to June 30 to pay – a surcharge will apply from July 1. Payments can be made to local authorities or online at www.nppr.ie.
If you own an investment property or holiday home and are unsure as to your liability, feel free to contact Anthony Casey at Noone Casey.
FOR RICHER OR POORER
Separated couples can no longer assume the sale of their home can be used to settle separation or divorce judgements. A High Court decision this week found that highly-geared properties cannot be sold to settle family law cases because of the poor outlook for property and the likelihood of interest rate increases.
TAXING INVESTMENT PROPERTIES
It’s that time of year again – the annual charge on investment properties and holiday homes is due from this week, The Sunday Post notes.