What happens if I fail to make an LPT return by 28th May?

[Brendan Burgess]

From the Revenue Guide

Failure to meet LPT obligations

If you don’t submit a Return, or contact Revenue to say why you are not liable Revenue will pursue you for this estimated amount of tax using a range of collection options including:

• Mandatory deduction from 1 July 2013 from your employment income, occupational pension or certain Government payments.
• Attachment of your bank account.
• Referral of the debt to a Sheriff or a Solicitor for collection.
• The withholding of any refund of other tax as payment against LPT due.

Because you have a Revenue debt, you will also not qualify for a Tax Clearance Certificate.
Self-employed persons or companies will also be liable to a late filing surcharge on Income Tax or Corporation Tax Returns
Interest charges at 8% per annum apply to late payment of LPT and penalties may also arise.
Any unpaid LPT attaches to the property and you will not be able to sell it without paying any LPT, interest and penalties due.
For further information on failure to meet LPT obligations please read the Frequently Asked Questions (FAQs)

 

[Brendan Burgess]

5. Apart from interest (8%) what are the penalties?
Penalties will not be imposed automatically and will be preceded by engagement with the taxpayer. If you don’t send your completed return to Revenue, the penalty is the amount of tax due, subject to a maximum of €3,000. If you knowingly undervalue your property on the LPT return, the penalty is the correct amount of tax, subject to a maximum of €3,000.

 

[Brendan Burgess]

So, if I am a few days late registering, it shouldn't matter? (I am not advocating people registering late)

The LPT will be paid on time.
No interest will be charged.
It's unlikely that they will charge penalties.