€200 investment property tax - Form 11

[L0llip0p]

Is this deductable from your rental income in yearly tax return? I'm assuming it is?

 

[L0llip0p]

also. im guessing the income levy will also need to get slapped onto any profit?

 

[Graham_07]

This will not come up until 2009 returns are filed i.e. September 2009 is the first payment date. So there's time for this to be clarified, however it was recently suggested that as it is a tax it is not deductible for tax purposes, i.e. you cannot deduct tax against tax. I think one of the big 5 accountancy practices and Revenue were in disagreement over this recently.

The Income Levy will apply to rental profits.

 

[Bronte]

Does the fact the 200 is paid to the local authority to fund their services still mean it is a tax? It's not like a tax that goes to revenue?

 

[Graham_07]

I was thinking that too but there has been this furore over it recently, I reckon that by the time 2009 has to be filed, there will be a clear direction on it.