Noel Grealish (Galway West, Independent)
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173. To ask the Minister for Finance in regard to Section 97(2) of the Taxes Consolidation Act 1997, if the stated deductible expense against rental income called payment of local authority rates covers local property tax in the case of rental properties; and if he will make a statement on the matter. [42170/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that Local Property Tax is not a deductible expense for income tax or corporation tax purposes. The Thornhill Group, the inter-departmental group chaired by Dr Don Thornhill established to consider the structures and modalities of a property tax, recommended that Local Property Tax (LPT) paid by the owner in respect of a rented property should be deductible for income tax or corporation tax purposes, in a similar manner to commercial rates. The Government has agreed in principle to accept this recommendation but has not considered the manner or the timing in which this will happen.