Alan Farrell (Dublin North, Fine Gael) | Oireachtas source

I thank the Minister for his comprehensive response. Let me return to his point on homeowners being honest in their approach to the process. Once guidance is made publicly available, perhaps it will be a little easier for people to judge how best to approach the process.

I am slightly concerned about the process that will apply to a property in a new housing estate where the owner or owners have invested in the property - there have been articles on this subject in a number of publications - be it to build an extension or to fit a new kitchen, for their own benefit and such investment has increased the value of the property. How easy or difficult will it be for Revenue to factor in the value of those improvements? If a homeowner receives a letter from the Revenue Commissioners with a valuation of €300,000 for their property and has spent €50,000 on an extension or a considerable amount to fit a new kitchen, as against their next door neighbour who has the same type of property but has not invested in it, how is the homeowner to balance such improvements in terms of the valuation given that they have increased the value by having invested in the property? Will the Revenue accept the homeowner returning the self-assessment form with the original value of the property?

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