LPT writeoff for landlords

K

kkelliher

Registered User
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I know there was a lot of talk about this back in January 2013 and Mr noonan confirmed that landlords would be able to write off the LPT against rental income (but not the NPPR) in line with all other business expenses. It was to be included in the finance bill to bring it into being but I have not heard or seen anything on it since.

Can anyone confirm if it was in fact brought in ahead of 2014 as I see no mention of it in the finance bill?
 
kkelliher said:
not an issue until October 2014 in terms of return but it would be nice to have clarity
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It will be an issue in early January. Its far smarter to prepare and file tax returns earlier in the year, leaving it to the last minute is a mug's game.
 
kkelliher said:
Mr noonan confirmed that landlords would be able to write off the LPT against rental income (but not the NPPR) in line with all other business expenses.l?
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Don't agree that Noonan 'confirmed' anything about this. And also disagree that NPPR is not deductable. Others disagree with me on this. I think the property tax is 'actually' a tax, while it is an expense it is a tax, and logically shoudn't be deductable. I don't believe NPPR is a tax, I think it's equivelent to a rate and is therefore an expense and properly deductable.
 
Bronte said:
I think the property tax is 'actually' a tax, while it is an expense it is a tax, and logically shoudn't be deductable.
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Where did you get the idea that a tax "logically" shouldn't be deductible?

Road tax, employer PAYE/PRSI, & non-reclaimable VAT are all deductible for income tax purposes.
 
T McGibney said:
Where did you get the idea that a tax "logically" shouldn't be deductible?

Road tax, employer PAYE/PRSI, & non-reclaimable VAT are all deductible for income tax purposes.
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Ok, I'll accept that is the case. We're going to have a great year next year as all the accountants, clients and revenue wait for Noonan to sort out his 'pronouncements' on intention in regard to LPT.
 
Why wait? He's a politician. Accountants, Revenue and their mutual clients can read the tax legislation, which is clear.
 
The LPT legislation is silent on the issue, as it should be. The relevant sections of the Taxes Consolidation Act are clear, on both "rates levied by a local authority" and "expenses of management" etc of a property being deductible against rents.
 
T McGibney said:
It will be an issue in early January. Its far smarter to prepare and file tax returns earlier in the year, leaving it to the last minute is a mug's game.
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It maybe a mugs game but its generally referred to as "cashflow" in the real world
 
If you have complied with your Preliminary Tax obligations the previous October/November, then filing your Form 11 return early in the tax year won't cost you a cent in cashflow.
 
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