Is the LPT a deductible expense when calculating rental profits? I've tried searching the revenue website and can only get the following excerpt from February 2014:
9. I am a landlord and have paid Local Property Tax (LPT) on my rental properties. Is the LPT that I paid an allowable deduction against rental income?
The Government has accepted in principle the recommendation in the Thornhill Report that LPT be a deductible expense in calculating a landlord’s taxable rental income and that the deduction be phased in over a number of years with the start date being determined by the economic and budgetary situation. However, the Government has not yet decided to bring the deduction into effect. Until the necessary amendment is made to section 97 of the Taxes Consolidation Act 1997, LPT is not a deductible expense and therefore should not be claimed as a deduction when submitting your Income Tax/Corporation Tax Return for 2013.
February 2014
9. I am a landlord and have paid Local Property Tax (LPT) on my rental properties. Is the LPT that I paid an allowable deduction against rental income?
The Government has accepted in principle the recommendation in the Thornhill Report that LPT be a deductible expense in calculating a landlord’s taxable rental income and that the deduction be phased in over a number of years with the start date being determined by the economic and budgetary situation. However, the Government has not yet decided to bring the deduction into effect. Until the necessary amendment is made to section 97 of the Taxes Consolidation Act 1997, LPT is not a deductible expense and therefore should not be claimed as a deduction when submitting your Income Tax/Corporation Tax Return for 2013.
February 2014