Written answers

Wednesday, 6 February 2013

Department of Finance

Property Taxation Exemptions

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael)
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To ask the Minister for Finance further to Parliamentary Question No. 86 of 16 January 2013, if he intends to make property tax paid in respect of a rented property deductible for income or corporate tax purposes; if this provision will be introduced on a phased basis; and the way that such phasing will work. [6277/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Thornhill Group, the interdepartmental group chaired by Dr Don Thornhill to consider the design of a property tax, recommended that “at least a portion” of the Local Property Tax paid in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. This is not provided for in the Finance (Local Property Tax) Act 2012 but it is the intention of the Government to introduce deductibility of LPT on a phased basis. The manner or timeframe in which this will happen has not been decided. Such change would be provided for by way of primary legislation.

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