Selling House-have been accused by buyers solr of undervaluing property for LPT

Yes - I should have said that - guy in Revenue was very helpful and concerned. Gave me the spiel as to what I should do and then confirmed that with a colleague as well. I have no probs with the revenue staff. He did stress and so did his colleague that it would be best to pay the higher amount so as not to delay the sale. I'm lucky to have a valuation that was done at the time, I do seem to remember it was stressed that we would not need and indeed should not be guided solely by an auctioneers valuation. Its just a thought but I wonder if this was 10 years down the line would we have to back pay for all those years, nightmares down the line for people if thats the case..and I'm still annoyed!
 
Caroleia said:
I have been advised by revenue to pay the difference for 2014 and 2013 and then use my supporting documentation to (hopefully) claim a refund using form LPT 5. I will do this for speed as we don't want to delay our sale any further. Annoyed to say the least.
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Solicitors are going to be doing a conniption on this.

So

1. You genuintely value your house in 2013, and you can back it up.
2. You are selling in 2014, but because of house price rises you are forced to up the real value of 2013 to the false value of 2014. Solicitors and revenue both agree on this.
3. After the sale goes through, you appeal the new value with revenue and revise the value back down to the 2013 value. And revenue also advise this course of action.
4. In 2020 revenue does an audit, and have different rules then, and believe the 2013 value was too low and fne the current house owner.

Have I got that right.

Maybe Step 3 gives a revenue confirmation that they cannot later change.

Who dreams these kind of system up. Why didn't they do it like the NPPR and household charge, which seemed like a dream set up looking back.

How much is this tax costing in extra work for solicitors, vendors, purchasers and revenue staff.
 
hi Bronte, yes you have got it exactly right. Its whats called an Irish solution to an Irish problem.
 
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